Singapore: Stellar electronics sector boosts non-oil domestic exports in August

IE Singapore revealed that the city-state's non-oil domestic exports (NODX) recorded a 17.0 percent in August

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Picture for representation REUTERS/Edgar Su/File Photo

Singapore's overall non-oil domestic exports (NODX) have seen a stronger improvement in August than it had in the preceding month, registering a 17 percent expansion.

According to the latest figures from IE Singapore, this has been an extension of July's 7.6 percent growth.

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What spurred the robust growth was the strong figures seen in the electronics sector, whose NODX rose 21.7 percent, pulling the 15.3 percent growth the sector reflected in the preceding month.

The expansion in electronics export came mostly from the whopping 44.8% growth in the exports of integrated circuit parts. Meanwhile, ICs and disc media products both posted growth at 36.8 percent and 13.3 percent, respectively.

Additionally, the overall NODX figure was also supported by the stronger expansion seen in the export of non-electronic products. Non-electronic NODX rose by 15 percent in the said month, after seeing a 4.4% growth in the previous period.

Non-monetary gold, petrochemicals and specialised machinery increased by 137.7 percent, 31.9 percent, and 44.9 percent, respectively, contributing the most to the growth in non-electronic NODX.

In terms of geography, only NODX in Taiwan slumped, with largest contributions coming from China (43.2 percent), Hong Kong (41.9 percent), and South Korea (62 percent).

IE Singapore noted that total trade expanded for the tenth consecutive time, with both overall imports and exports growing. Exports' 15.2 percent and imports' 15.9 percent growth contributed to the overall trade expansion of 15.6 percent.

This article was first published on September 19, 2017