Singapore Non Oil Domestic Exports Up 2.9% For February 2011
On a month-on-month seasonally adjusted (m-o-m SA) basis, non-oil domestic exports (NODX) increased by 2.9 per cent in February 2011, following the previous month’s 2.1 per cent growth.
On a year-on-year (y-o-y) basis, NODX rose by 7.8 per cent in February 2011, following the 21 per cent expansion in the previous month, due to non-electronic NODX.
On a m-o-m SA basis, non-oil re-exports (NORX) declined by 4.2 per cent in February 2011, in contrast to the 1.0 per cent rise in the previous month.
On a y-o-y basis, NORX expanded by 6.8 per cent in February 2011, after the 7.6 per cent increase in the previous month, due to both electronic and non-electronic NORX.
On a m-o-m SA basis, NODX increased by 2.9 per cent in February 2011, following the previous month’s 2.1 per cent growth, due to non-electronic NODX.
On a y-o-y basis, NODX rose by 7.8 per cent in February 2011, following the 21 per cent expansion in the previous month.
On a 3-month moving average (3MMA) y-o-y basis, NODX expanded by 13 per cent in February 2011, following the 13 per cent increase in the previous month.
On a SA basis, non-oil retained imports of intermediate goods (NORI) decreased by S$641 million from S$5,455 million in the previous month to reach S$4,814 million in February 2011.
Performance of Key Trade Components
Total Trade
On a m-o-m SA basis, total trade contracted by 6.3 per cent in February 2011, compared to the 9.3 per cent increase in the previous month.
Total exports declined by 4.4 per cent in February 2011, in contrast to the 8.7 per cent increase in the previous month.
Total imports contracted by 8.6 per cent in February 2011, compared to the 10 per cent expansion in the previous month.
On a y-o-y basis, total trade rose by 6.4 per cent in February 2011, following the 14 per cent increase in the previous month. Total exports grew by 10 per cent in February 2011, following the 17 per cent expansion in the previous month. Total imports increased by 2.1 per cent in February 2011, following the 10 per cent rise in the preceding month
Non-oil Domestic Exports (NODX)
On a y-o-y basis, NODX rose by 7.8 per cent in February 2011, following the 21 per cent growth in the previous month, due to a rise in non-electronic domestic exports.
Electronic products. On a y-o-y basis, electronic NODX contracted by 13 per cent in February 2011, in contrast to the 5.8 per cent growth in the previous month. The decrease in electronic domestic exports was largely due to disk drives, parts of ICs and parts of PCs.
Non-electronic products. On a y-o-y basis, non-electronic NODX expanded by 20 per cent in February 2011, following the 30 per cent increase in the previous month. The rise in non-electronic NODX was led by ships & boats, petrochemicals and specialised machinery.
Oil Domestic Exports
On a m-o-m SA basis, oil domestic exports declined by 10 per cent in February 2011, in contrast to a rise of 28 per cent in the previous month. On a y-o-y basis, oil domestic exports expanded by 22 per cent in February 2011, after the preceding month’s 40 per cent increase. The y-o-y growth of oil domestic exports was mainly due to sales to Hong Kong (+52 per cent), Malaysia (+24 per cent) and Indonesia (+35 per cent). In volume terms, oil domestic exports decreased by 1.0 per cent in February 2011, compared to the 24 per cent expansion in the previous month.
Non-oil Re-exports (NORX)
On a m-o-m SA basis, non-oil re-exports (NORX) decreased by 4.2 per cent in February 2011, in contrast to the 1.0 per cent growth in the previous month, due to both electronic and non-electronic NORX.
On a y-o-y basis, NORX rose by 6.8 per cent in February 2011, after the 7.6 per cent expansion in the previous month, due to both electronic and non-electronic NORX. On a 3MMA y-o-y basis, NORX rose by 9.6 per cent in February 2011, following a 11 per cent expansion in the preceding month.
On a y-o-y basis, electronic NORX increased by 2.6 per cent in February 2011, following the 4.8 per cent rise in the previous month. The expansion in electronic NORX was due to ICs (+8.9 per cent), telecommunications equipment (+24 per cent) and consumer electronics (+11 per cent).
On a y-o-y basis, non-electronic NORX increased by 12 per cent in February 2011, after the 11 per cent rise in the previous month. The expansion in non-electronic NORX was due to petrochemicals (+101 per cent), aircraft parts (+53 per cent) and alcoholic beverages (+61 per cent).
NORX to all of the top 10 NORX markets, except the US, India and South Korea, increased in February 2011. The top three contributors to the NORX rise in February 2011 were Hong Kong (+18 per cent), Indonesia (+17 per cent) and the EU 27 (+16 per cent).
Non-Oil Domestic Export Markets
On a y-o-y basis, NODX to the EU 27, the US, China, Japan and Malaysia rose in February 2011.
The top three contributors to the NODX rise in February 2011 were the EU 27, the US and China.
EU 27 - NODX to the EU 27 expanded by 14 per cent in February 2011, following the 51 per cent rise in the previous month, because of both electronic and non-electronic NODX. Electronic NODX to the EU 27 grew by 16 per cent in February 2011, following the 38 per cent increase in the preceding month, due to diodes & transistors (+892 per cent), ICs (+61 per cent) and PCs (+1,025 per cent). Non-electronic NODX to the EU 27 grew by 13 per cent in February 2011, following the 60 per cent increase in the preceding month, due to petrochemicals (+210 per cent), pharmaceuticals (+4.1 per cent) and measuring instruments (+49 per cent).
China - NODX to China expanded by 14 per cent in February 2011, following the 16 per cent rise in the previous month, because of non-electronic NODX. Electronic NODX to China contracted by 27 per cent in February 2011, following the 12 per cent decline in the preceding month, due to parts of PCs (-58 per cent), parts of ICs (-60 per cent) and disk drives (-67 per cent). Non-electronic NODX to China grew by 31 per cent in February 2011, following the 27 per cent increase in the preceding month, due to petrochemicals (+45 per cent), specialised machinery (+240 per cent) and heating & cooling equipment (+124 per cent).
US - NODX to the US expanded by 20 per cent in February 2011, identical to the previous month’s rise, because of non-electronic NODX. Electronic NODX to the US contracted by 15 per cent in February 2011, in contrast to the 14 per cent increase in the preceding month, due to disk drives (-65 per cent), parts of ICs (-44 per cent) and other computer peripherals (-40 per cent). Non-electronic NODX to the US grew by 62 per cent in February 2011, following the 25 per cent increase in the preceding month, due to pharmaceuticals (+83 per cent), measuring instruments (+85 per cent) and aircraft parts (+87 per cent).
Hong Kong - NODX to Hong Kong contracted by 6.0 per cent in February 2011, in contrast to the 14 per cent rise in the previous month, because of both electronic and non-electronic NODX. Electronic NODX to Hong Kong declined by 9.5 per cent in February 2011, in contrast to the 12 per cent increase in the preceding month, due to parts of ICs (-37 per cent), parts of PCs (-18 per cent) and disk drives (-72 per cent). Non-electronic NODX to Hong Kong decreased by 0.3 per cent in February 2011, in contrast to the 18 per cent increase in the preceding month, due to electrical machinery (-24 per cent), disk media products (-45 per cent) and electrical circuit apparatus (-41 per cent).
Malaysia - NODX to Malaysia expanded by 4.4 per cent in February 2011, following the 15 per cent rise in the previous month, because of non-electronic NODX. Electronic NODX to Malaysia contracted by 2.0 per cent in February 2011, in contrast to the 1.5 per cent increase in the preceding month, due to parts of PCs (-44 per cent), parts of ICs (-25 per cent) and capacitors (-51 per cent). Non-electronic NODX to Malaysia grew by 9.2 per cent in February 2011, following the
per cent increase in the preceding month, due to aromatic chemicals (+203 per cent), glassware (+5,072 per cent) and iron or steel scrap (+701 per cent).
Indonesia - NODX to Indonesia contracted by 17 per cent in February 2011, in contrast to the 16 per cent rise in the previous month, because of both electronic and non-electronic NODX. Electronic NODX to Indonesia decreased by 27 per cent in February 2011, following the 10 per cent decline in the preceding month, due to parts of PCs (-25 per cent), consumer electronics (-41 per cent) and other computer peripherals (-66 per cent). Non-electronic NODX to Indonesia declined by 15 per cent in February 2011, in contrast to the 25 per cent increase in the preceding month, due to ships & boats (-100 per cent), miscellaneous manufactured articles (-65 per cent) and household goods (-94 per cent).
Japan - NODX to Japan expanded by 6.2 per cent in February 2011, following the 13 per cent rise in the previous month, because of both electronic and non-electronic NODX. Electronic NODX to Japan grew by 6.7 per cent in February 2011, in contrast to the 8.8 per cent decline in the preceding month, due to ICs (+16 per cent), consumer electronics (+127 per cent) and PCs (+161 per cent). Non-electronic NODX to Japan expanded by 6.0 per cent in February 2011, following the 27 per cent increase in the preceding month, due to electrical machinery (+272 per cent), printed matter (+723 per cent) and medical apparatus (+299 per cent).
Remaining top market4 - NODX to Taiwan, South Korea and Thailand contracted in February 2011. •NODX to Taiwan contracted by 0.2 per cent in February 2011, in contrast to the 8.8 per cent rise in the previous month, because of electronic NODX. Electronic NODX to Taiwan decreased by 11 per cent in February 2011, following the 0.9 per cent decline in the preceding month, due to parts of ICs (-77 per cent), diodes & transistors (-15 per cent) and office machines (-63 per cent). Non-electronic NODX to Taiwan grew by 18 per cent in February 2011, following the 24 per cent increase in the preceding month, due to printed matter (+7,390 per cent), specialised machinery (+21 per cent) and electrical circuit apparatus (+145 per cent).
- NODX to South Korea contracted by 31 per cent in February 2011, in contrast to the 8.2 per cent rise in the previous month, because of both electronic and non-electronic NODX. Electronic NODX to South Korea declined by 64 per cent in February 2011, following the 23 per cent decline in the preceding month, due to ICs (-70 per cent), parts of PCs (-51 per cent) and parts of ICs (-38 per cent). Non-electronic NODX to South Korea decreased by 1.4 per cent in February 2011, in contrast to the 31 per cent increase in the preceding month, due to electrical power machinery (-99 per cent), other specialty chemicals (-41 per cent) and civil engineering equipment parts (-96 per cent).
- NODX to Thailand contracted by 8.5 per cent in February 2011, in contrast to the 7.9 per cent rise in the previous month, because of both electronic and non-electronic NODX. Electronic NODX to Thailand decreased by 26 per cent in February 2011, following the 23 per cent decline in the preceding month, due to parts of PCs (-46 per cent), parts of ICs (-58 per cent) and consumer electronics (-40 per cent). Non-electronic NODX to Thailand declined by 2.1 per cent in February 2011, in contrast to the 21 per cent increase in the preceding month, due to disk media products (-36 per cent), civil engineering equipment parts (-55 per cent) and specialised machinery (-33 per cent).
Emerging markets5 – NODX to emerging markets increased by 25 per cent in February 2011, following the 54 per cent expansion in the previous month. The increase in NODX to the emerging markets was due mainly to Latin America and South Asia.
Topics: 2011, business, China, December, domestic export markets, domestic exports, E27, economic development, economic growth, economic recovery, Economy, electronic, emerging markets, employment, exports, External Trade Figures, February, Governance, government, Hong Kong, Indonesia, investment, Japan, jobs, Malaysia, monitor, news, NODX, non oil domestic exports, Non-oil Re-exports, NORI, NORX, Oil Domestic Exports, seasonally adjusted, Singapore, South Korea, Taiwan, Thailand, total imports, trade, US
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