SINGAPORE’S NON-OIL DOMESTIC EXPORTS RISES 3.1 PCT IN DECEMBER
SINGAPORE– International Enterprise Singapore, a government agency that promotes international trade and partners Singapore companies to go global, said on Wednesday the country’s non-oil domestic exports (NODX) rose 3.1 percent year-on-year last December.
The growth was lower than the growth rates of 9.1 percent in November 2017. The authority attributes the month’s rising to the growth in non-electronic exports which outweighed the decline in electronics.
On a month-on-month seasonally adjusted basis, NODX declined by 5 percent in December to 15.1 billion Singapore dollars (about 11.45 billion U.S. dollars), following the previous month’s 8.6-percent growth, due to the decreases in both electronic and non-electronic NODX.
According to the agency, Singapore’s electronic NODX dropped 5.3 percent year-on-year in December, after the revised 5.1-percent expansion in November. Non-electronic NODX grew 6.8 percent year-on-year, lower than the 10.6-percent growth in the previous month.
Among the top NODX markets of Singapore, European Union 28 countries, South Korea and Malaysia were major contributors to the NODX increase in December, according to the authority. The NODX to them grew 22.1 percent, 47.5 percent and 17.7 percent year-on-year, respectively.
Meanwhile, the non-oil re-exports (NORX) declined by 7 percent year-on-year in December, after the 3.9- percent growth in November, due to the lower shipment of electronic and non-electronic re-exports.
Singapore’s oil domestic exports grew by 19.1 percent year on year in December, following a 31-percent expansion in the preceding month. Higher sales to Indonesia, Malaysia and Chinese mainland contributed the most to the year-on-year increase. The three markets saw oil domestic exports from Singapore increase 39.3 percent, 23.7 percent and 34.3 percent, respectively. In volume terms, oil domestic exports increased by 8.4 percent in December, comparing to a revised 4.9-percent rise in November.
The total trade of Singapore grew 1.1 percent year-on-year in December 2017. Total exports grew by 9.6 percent in the month, and total imports increased by 10.7 percent.
Source: NAM NEWS NETWORK