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Singapore exports grow at faster pace of 11.4pc

CNA – Singapore’s non-oil domestic exports (NODX) grew at a faster pace of 11.4 per cent year-on-year in August, following the seven per cent growth in July.

Non-electronics exports rose while electronics exports decreased from a high base a year ago, according to official data released by Enterprise Singapore (ESG) yesterday.

Exports to the top 10 markets as a whole grew in August, mainly due to the United States (US), the 27 European Union (EU)countries and Indonesia.

Exports to China, Taiwan and Hong Kong declined.

On a month-on-month seasonally adjusted basis, NODX decreased by 3.9 per cent in August, following the previous month’s 1.4-per-cent growth. Both electronics and non-electronics declined.

On a seasonally adjusted basis, the level of NODX reached SGD17.1 billion in August. This was lower than July’s SGD17.8 billion, although higher than levels a year ago.

NODX rose over the year, mainly due to shipments of non-electronics, while electronics declined.

On a year-on-year basis, electronics NODX declined by 4.5 per cent in August, following the 10.3 per cent growth in the previous month.

Integrated circuits, disk media products and personal computer parts declined by 6.6 per cent, 21.3 per cent and 23.5 per cent respectively, contributing the most to the decline in electronics NODX.

Non-electronics NODX increased by 16.9 per cent in August on a year-on-year basis, following the 6.1 per cent rise the previous month.

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