Singapore exports grow 11.4% in August

Singapore exports grow 11.4% in August

SINGAPORE: Singapore’s non-oil domestic exports (NODX) grew by 11. 4 per cent year-on-year in August, following a seven per cent growth in July .

Non-electronics exports grew while electronic devices exports decreased from the high base last year, according to official information released by Organization Singapore (ESG) on Friday (Sep 16).

Exports towards the top 10 markets as a whole rose in Aug, mainly due to the US, the 27 European Union countries and Indonesia. Exports to The far east, Taiwan and Hong Kong declined.

On the month-on-month seasonally altered basis, NODX decreased by 3. nine per cent in August, following the previous month’s 1 . 4 % growth. Both consumer electronics and non-electronics declined.

On a seasonally adjusted basis, the amount of NODX reached S$17. 1 billion within August. This was less than July’s S$17. 8 billion, although greater than levels a year ago.

NODX rose on the year, mainly due to shipments of non-electronics, while electronics dropped.

On a year-on-year basis, electronics NODX declined by four. 5 per cent within August, following the 10. 3 per cent development in the previous month.

Integrated circuits, hard disk drive media products and personal computer parts declined by 6. 6 %, 21. 3 % and 23. five per cent respectively, contributing the most to the decrease in electronics NODX.

Non-electronics NODX increased by sixteen. 9 per cent in August on a year-on-year basis, following the six. 1 per cent increase the previous month.

Food preparations, pharmaceuticals and structures of ships and motorboats contributed the most towards the growth in non-electronics NODX.