May 20, 2024


Savvy business masters

Singapore’s exports fall 4.8% month-on-month in February

SINGAPORE: Singapore’s non-oil domestic exports (NODX) fell 4.8 per cent on a seasonally adjusted month-on-month basis in February, reversing the previous month’s 4.5 per cent growth.

Non-electronic domestic exports declined, while electronics grew, according to official data released Tuesday (Mar 17).

Total trade declined over the month, falling by 8.6 per cent in February after the 6.1 per cent growth in January.

However exports rose over the year, mainly due to non-electronics.

February saw a 3 per cent year-on-year increase in non-oil domestic exports, reversing the 3.3 per cent decline in the previous month.

On a year-on-year basis, electronic non-oil domestic exports increased by 2.5 per cent, after a 13 per cent contraction the previous month.

Disk media products, capacitors and parts of ICs increased by 57.4 per cent, 128.8 per cent and 130.9 per cent respectively, contributing the most to the growth in electronic NODX.

Meanwhile non-electronic NODX grew by 3.2 per cent in February, after a 0.1 per cent decline in the previous month.

On a year-on-year basis, total trade grew by 5.7 per cent in February, after a 3.2 per cent decline in the previous month.

Specialised machinery (+74.1 per cent), pharmaceuticals (+23.7 per cent) and non-electric engines & motors (+37.3 per cent) contributed the most to the increase in non-electronic NODX.

Exports to the majority of top markets increased in February, except for China and Hong Kong. The largest contributors were the European Union (+43 per cent), United States (+23.5 per cent) and Japan (+61.7 per cent)

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