After the stellar 15.3 percent expansion in the first quarter of the year, Singapore's non-oil domestic exports (NODX) posted a more subdued growth in the second quarter, clocking in at 2.7 percent.
According to the latest quarterly data released by the International Enterprise (IE) Singapore, the easing was due to the slight decline in non-electronic products exports.
Comprising around 71.2 percent of NODX in the first half of the year, domestic exports of non-electronic products fell by 1.1 percent in Q2, after the 17.8 percent growth seen in the preceding quarter.
The whopping 82.5 percent drop in exports of civil equipment parts, the 49.9% contraction in non-electric engines & motors, as well as the 30.5 percent decline in pharmaceuticals, were the largest contributors to the dismal performance of the segment.
Meanwhile, electronic products NODX posted an improved growth at 13.3 percent, up from 9.5 percent in the past quarter. This is due mostly by the robust 25.1 percent expansion in the exports of integrated circuits and the 18.4 percent jump in parts of PCs.
IE Singapore noted that the NODX to all top 10 markets rose in the said quarter with the exception of EU 28, Hong Kong, and the United States. The biggest markets were China, South Korea, and Taiwan, with exports rising by 33.2 percent, 62.7 percent, and 22.5 percent, respectively.
Non-oil re-exports (NORX) also extended the gains it had in the past quarter, posting an 8.0 percent expansion thanks to the higher shipments of both electronic and non-electronic re-exports.
This brought Singapore's total merchandise trade growing by 9.5 percent in Q2, extending the 16.4 percent expansion in the preceding period.