S’pore exports grow 11.4% in August; electronics shrink for first time since Nov 2020

SINGAPORE – Singapore’s key exports rose as a whole in August but electronics shipments contracted for the first time in nearly two years, data from Enterprise Singapore showed on Friday.

Non-oil domestic exports (Nodx) grew 11.4 per cent year on year in August, faster than the previous month’s 7 per cent expansion, on the back of an increase in non-electronics shipments.

On a seasonally adjusted month-on-month basis, however, Nodx shrank 3.9 per cent in August, undoing the previous month’s growth.

This brings the value of Nodx to $17.1 billion in August, which is slightly lower than the $17.8 billion reached in the previous month but still higher than the $15.8 billion recorded a year ago.

Exports of electronic products fell 4.5 per cent year on year – the first decline since November 2020 – compared with the 10.3 per cent growth in July, The decline in shipments of integrated circuits, disk media products and parts of PCs contributed the most to the contraction.

Non-electronic exports, however, expanded by 16.9 per cent year on year in August, extending the 6.1 per cent rise in the previous month. This was helped by pharmaceutical exports, which grew 68.8 per cent, as well as structures of ships and boats, and food preparations.

Overall, Nodx to Singapore’s top 10 markets rose as a whole but exports to China, Taiwan and Hong Kong declined.

Exports to the United States surged 60 per cent in August, up from 10.9 per cent in the previous month, on the back of a rise in exports of structures of ships and boats, and food preparations.

Nodx to the euro zone jumped 57.3 per cent, extending the 22.9 per cent rise in July. Pharmaceutical exports grew a whopping 303.2 per cent, followed by telecommunications equipment at 170.1 per cent.

On the other hand, exports to Hong Kong shrank 31 per cent, compared with July’s 3.8 per cent contraction.

Nodx to China contracted 18.2 per cent in August, extending the 21.3 per cent decline in the previous month.

On the whole, total trade eased to 26 per cent year on year in August from the previous month’s 30.5 per cent.

Sequentially, total trade declined 6.8 per cent, compared with July’s 2.9 per cent growth. THE BUSINESS TIMES