Non-oil exports (NOX), which include both non-oil domestic exports (NODX) and non-oil re-exports (NORX), rose year-on-year by 1.7 percent in 2020, after 2019’s 1.9 percent decline.
On a quarter-on-quarter SA basis, NOX grew by 0.5 percent in Q4, following the 5.1 percent rise in the preceding quarter.
Following a drop of 9.2 percent in 2019, a growth of 4.3 percent in NODX last year was due to high shipments of both electronic and non-electronic products, Enterprise Singapore said.
Electronic NODX grew by 4.9 percent in 2020, after the 22.5 percent contraction in the previous year. Non-electronic NODX increased by 4.1 percent in 2020, after the 4.5 percent decline in 2019.
On a year-on-year basis, NODX decreased by 0.5 percent in Q4, after the previous quarter’s 6.5 percent rise, due to the decline in non-electronic NODX, which outweighed the increase in electronics.
Electronic domestic exports rose by 2.6 percent in Q4, following the previous quarter’s 9.2 percent growth. Non-electronic NODX declined by 1.4 percent in Q4, after the 5.7 percent rise in the previous quarter.
On a quarter-on-quarter SA basis, NODX decreased by 4.7 percent in Q4, after the 2.2 percent growth in Q3, due to the decline in both electronic and non-electronic NODX.
Electronic domestic exports declined on a quarter-on-quarter SA basis by 3.7 percent in Q4 2020, following the previous quarter’s 2.6 percent decrease. Non-electronic NODX declined by 4.9 percent in Q4 2020, after the 3.7 percent rise in the previous quarter.
Enterprise Singapore reported that NODX to all top markets grew as a whole in 2020 – however, exports to China, Hong Kong, Indonesia, and Malaysia declined.
The biggest contributors to the growth in NODX were the US (+38.3 percent), Japan (+26.1 percent), and South Korea (+27.2 percent).
Electronic non-oil domestic exports to the top markets also grew in 2020.
The biggest contributors to the electronic NODX increase were Taiwan (+27.9 percent), the US (+31.9 percent), and Thailand (+17.9 percent). The top three products contributing to the increase in electronic NODX were ICs to Taiwan and disk media products to the US and Thailand.
Non-electronic NODX to the top markets as a whole also increased in 2020, though exports to China, Indonesia, Hong Kong, and Malaysia declined.
The biggest contributors to the growth in non-electronic NODX were the US (+39.6 percent), Japan (+33.7 percent), and the EU 27 (+10.9 percent). The top three products contributing to the rise in non-electronic NODX were non-monetary gold to the US and EU and pharmaceuticals to Japan.
Source: Channel News Asia