Singapore exports grow at slower pace of 2.7pc in August

SINGAPORE (CNA) – Singapore’s non-oil domestic exports (NODX) rose at a slower pace of 2.7 per cent in August on the back of growth in electronic exports, while non-electronics declined, according to data released by Enterprise Singapore (ESG) yesterday.

Although growing for the ninth straight month, the year-on-year August figure marks the smallest expansion since November and misses economists’ expectations in a Reuters poll for a 8.3 per cent rise. NODX grew 12.7 per cent in July.

On a month-on-month seasonally adjusted basis, NODX decreased by 3.6 per cent in August, after the previous month’s 0.9 per cent dip. Economists had forecast 2.4 per cent growth. Electronic shipments expanded 16.7 per cent year-on-year in August, driven by integrated circuits, diodes and transistors, as well as integrated circuit parts.

Shipments of non-electronic products fell 1.4 per cent in August from a year ago, due mainly to declines in non-monetary gold, food preparations and pharmaceuticals.

Exports to the top markets as a whole rose in August, though exports to China and the European Union declined. The largest contributors to this increase were Taiwan, Hong Kong and Malaysia.

A container vessel plies along the southern straits of Singapore. PHOTO: AFP

Exports to Taiwan grew 50.6 per cent due to specialised machinery, integrated circuits and measuring instruments. Shipments to Hong Kong expanded 22.8 per cent due to integrated circuits, disk media products and electrical circuit apparatus.

Exports to Malaysia rose 17.9 per cent in August due to integrated circuits, petrochemicals, as well as diodes and transistors.

Exports to emerging markets grew at a slower pace of 2.6 per cent following the 59.8 per cent expansion in July. This was mainly due to South Asia, Cambodia, Laos, Myanmar and Vietnam, as well as the Middle East.

On a month-on-month seasonally adjusted basis, total trade inched up 2.2 per cent reaching SGD95.6 billion in August, higher than the previous month’s SGD93.6 billion.