Illustrative image (Source: Internet)Singapore’s non-oil domestic export (NODX) went up 5 percent annually, driven by non-electronics, according to the International Enterprise (IE) Singapore on September 17.
NODX rose by 0.4 percent in August to 11.35 billion USD after jumping 3.6 percent in July.
Export of non-electronics increased by 7.8 percent, lower than an 18.6 percent growth in July. Meanwhile, pharmaceuticals maintained an impressive growth of 33.4 percent, followed by food and measurement tools.
Electronics exports fell by 1.5 percent compared to 5.8 percent in the previous month, mostly transistors, components of personal computers and integrated circuits.
Singapore’s exports to top 10 markets grew moderately, mostly the US, Europe and Indonesia. Shipments to China, the largest single market of Singapore, dropped 17.8 percent year-on-year, mostly due to falling electronics exports.
Non-oil re-export (NORX) jumped by 14.1 percent in August thanks to growth in both electronics and non-electronics, pushing up Singapore’s total trade by 13.3 percent during the month.
Thanks to positive signals since early this year, policymakers revised up non-oil exports to 2.5-3 percent, higher than the initial estimate of 1-3 percent./.