Singapore exports growth at a slowly peace in February

Singapore exports grew at a slow pace in February

Singapore’s non-oil domestic exports (NODX) grew at a slower pace of 4.2 percent in February from a year ago, after hitting a seven-month high of more than 12 percent in January.

Growth was headlined by non-electronic NODX, which rose by 3.3 percent last month, according to official data released by Enterprise Singapore (ESG) on Wednesday (Mar 17).

A 167.5 percent rise in non-monetary gold NODX was the main driver after such exports plummeted 72.2 percent in February 2020.

Specialized machinery NODX rose 35.6 percent in line with “robust global semiconductor demand” while petrochemicals NODX rose 19.3 percent, also contributing to last month’s non-electronic NODX growth, said ESG.

Electronic NODX grew 7.4 percent from a year ago, driven by exports of personal computers rising 98.3 percent, telecommunications equipment rising 78.6 percent, and diodes and transistors rising 39.1 percent.

On a month-on-month seasonally adjusted basis, Singapore’s NODX rose 8.2 percent last month to reach S$16.7 billion, following January’s 6.9 percent increase.

Re exports grow

Non-oil re-exports (NORX) also grew at a slower pace of 2.2 percent last month, compared to an 8.8 percent increase in January.

NORX growth was driven by shipments of electronics, mainly integrated circuits, telecommunications equipment, and parts of personal computers.

This outweighed a decline in shipments of non-electronics including aircraft parts, non-electric engines, and motors and piston engines.

On a seasonally adjusted basis, NORX rose 4.7 percent last month to reach S$26.5 billion, extending January’s 4.9 percent increase.

Non-oil retained imports of intermediate goods (NORI) grew by S$1.2 billion to hit S$6.7 billion in February, on a seasonally adjusted basis.

Oil domestic exports fell 28 percent in February from a year ago, driven by lower exports to the European Union, Hong Kong, and Malaysia. There was a 29.6 percent contraction in terms of volume.

However, on a month-on-month seasonally adjusted basis, oil domestic exports grew 6.4 per cent in February.

Fuente: Channel News Asia

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