Highlights
- On a month-on-month seasonally adjusted (m-o-m SA) basis, non-oil domestic exports (NODX) increased by 8.9 per cent in December 2010, compared to the previous month’s 13 per cent contraction.
- On a year-on-year (y-o-y) basis, NODX rose by 9.4 per cent in December 2010, following the 9.9 per cent increase in the previous month, due to non-electronic NODX.
- On a m-o-m SA basis, non-oil re-exports (NORX) expanded by 3.5 per cent in December 2010, in contrast to the 1.9 per cent decline in the previous month.
- On a y-o-y basis, NORX expanded by 14 per cent in December 2010, after the 13 per cent increase in the previous month, due to both electronic and non-electronic NORX.
(I) Overall Trend
1. On a m-o-m SA basis, NODX increased by 8.9 per cent in December 2010, compared to the previous month’s 13 per cent decline, due to non-electronic NODX.
2. On a y-o-y basis, NODX grew by 9.4 per cent in December 2010, following the 9.9 per cent increase in the previous month. On a 3-month moving average (3MMA) y-o-y basis, NODX expanded by 18 per cent in December 2010, following the 22 per cent increase in the previous month.
3. On a SA basis, non-oil retained imports of intermediate goods2 (NORI) decreased by S$1,172 million from S$5,355 million in the previous month to reach S$4,183 million in December 2010. 2 NORI is a coincident indicator for NODX.
(II) Commentaries
(a) Performance of Key Trade Components
Total Trade
4. On a m-o-m SA basis, total trade expanded by 1.5 per cent in December 2010, compared to the 2.2 per cent decrease in the previous month. Total exports rose by 4.9 per cent in December 2010, in contrast to a 4.7 per cent decline in the previous month. Total imports contracted by 2.3 per cent in December 2010, compared to a 0.8 per cent expansion in the previous month.
5. On a y-o-y basis, total trade rose by 9.1 per cent in December 2010, following the 13 per cent increase in the previous month. Total exports grew by 12 per cent in December 2010, identical to the expansion in the previous month. Total imports increased by 5.5 per cent in December 2010, following the 14 per cent rise in the preceding month.
Non-oil Domestic Exports (NODX)
6. On a y-o-y basis, NODX rose by 9.4 per cent in December 2010, following the 9.9 per cent growth in the previous month, due to an expansion in non-electronic domestic exports.
7. Electronic products. On a y-o-y basis, electronic NODX contracted by 1.1 per cent in December 2010, in contrast to the 11 per cent growth in the previous month. The decrease in electronic domestic exports was largely due to disk drives, parts of PCs and parts of ICs.
8. Non-electronic products. On a y-o-y basis, non-electronic NODX expanded by 16 per cent in December 2010, following the 9.4 per cent increase in the previous month. The rise in non-electronic NODX was led by petrochemicals, specialised machinery and measuring instruments.
Oil Domestic Exports
9. On a m-o-m SA basis, oil domestic exports grew by 5.3 per cent in December 2010, following a rise of 6.5 per cent in the previous month. On a y-o-y basis, oil domestic exports expanded by 12 per cent in December 2010, after the preceding month’s 10 per cent increase. The y-o-y growth of oil domestic exports was mainly due to sales to China (+25 per cent), the EU 27 (+27 per cent) and Liberia (+39 per cent). In volume terms, oil domestic exports declined by 0.4 per cent in December 2010, compared to the 3.6 per cent expansion in the previous month.
Non-oil Re-exports (NORX)
10. On a m-o-m SA basis, NORX increased by 3.5 per cent in December 2010, in contrast to the 1.9 per cent contraction in the previous month, due to a rise in electronic NORX.
11. On a y-o-y basis, NORX rose by 14 per cent in December 2010, after the 13 per cent expansion in the previous month, due to an increase in both electronic and non-electronic NORX. On a 3MMA y-o-y basis, NORX expanded by 13 per cent in December 2010, identical to the growth in the previous month.
12. On a y-o-y basis, electronic NORX increased by 12 per cent in December 2010, following the 4.4 per cent rise in the previous month. The expansion in electronic NORX was due to parts of PCs (+37 per cent), disk drives (+183 per cent) and ICs (+4.2 per cent).
13. On a y-o-y basis, non-electronic NORX increased by 16 per cent in December 2010, after the 23 per cent rise in the previous month. The expansion in non-electronic NORX was due to petrochemicals (+59 per cent), aircraft parts (+34 per cent) and non-monetary gold (+27 per cent).
14. NORX to all of the top 10 NORX markets, except Malaysia, increased in December 2010. The top three contributors to the NORX rise in December 2010 were India (+75 per cent), Indonesia (+18 per cent) and China (+15 per cent).
(b) Non-Oil Domestic Export Markets
3 All growth rates quoted in the following analysis refer to year-on-year growth rates unless otherwise stated.
15. On a y-o-y basis, NODX to all of the top 10 NODX markets rose in December 2010, except Malaysia, the US and South Korea. The top three contributors to the NODX rise in December 2010 were the EU 27, Hong Kong and China.
16. EU 27 - NODX to the EU 27 expanded by 21 per cent in December 2010, following the 20 per cent rise in the previous month, because of both electronic and non-electronic NODX. Electronic NODX to the EU 27 grew by 23 per cent in December 2010, following the 49 per cent increase in the preceding month, due to ICs (+71 per cent), diodes & transistors (+569 per cent) and PCs (+6,163 per cent). Non-electronic NODX to the EU 27 rose by 20 per cent in December 2010, following the 9.9 per cent increase in the preceding month, due to petrochemicals (+1,068 per cent), electrical circuit apparatus (+199 per cent) and specialised machinery (+311 per cent).
17. US - NODX to the US contracted by 0.3 per cent in December 2010, in contrast to the 13 per cent rise in the previous month, because of electronic NODX. Electronic NODX to the US contracted by 18 per cent in December 2010, in contrast to the 0.9 per cent increase in the preceding month, due to disk drives (-51 per cent), parts of PCs (-34 per cent) and parts of ICs (-66 per cent). Non-electronic NODX to the US grew by 23 per cent in December 2010, following the 25 per cent increase in the preceding month, due to measuring instruments (+109 per cent), aircraft parts (+78 per cent) and specialised machinery (+127 per cent).
18. China - NODX to China expanded by 10 per cent in December 2010, following the 37 per cent rise in the previous month, because of non-electronic NODX. Electronic NODX to China contracted by 11 per cent in December 2010, in contrast to the 23 per cent increase in the preceding month, due to consumer electronics (-75 per cent), parts of ICs (-38 per cent) and parts of PCs (-25 per cent). Non-electronic NODX to China grew by 19 per cent in December 2010, following the 43 per cent increase in the preceding month, due to primary chemicals (+51 per cent), petrochemicals (+16 per cent) and pharmaceuticals (+441 per cent).
19. Malaysia - NODX to Malaysia contracted by 0.5 per cent in December 2010, in contrast to the 11 per cent rise in the previous month, because of electronic NODX. Electronic NODX to Malaysia decreased by 13 per cent in December 2010, following the 21 per cent decline in the preceding month, due to parts of PCs (-36 per cent), ICs (-7.3 per cent) and bare PCB (-32 per cent). Non-electronic NODX to Malaysia grew by 9.0 per cent in December 2010, following the 39 per cent increase in the preceding month, due to glassware (+2,946 per cent), civil engineering equipment parts (+53 per cent) and watches & clocks (+39 per cent).
20. Hong Kong - NODX to Hong Kong expanded by 14 per cent in December 2010, following the 18 per cent rise in the previous month, because of both electronic and non-electronic NODX. Electronic NODX to Hong Kong grew by 9.8 per cent in December 2010, following the 3.8 per cent increase in the preceding month, due to ICs (+16 per cent), PCs (+379 per cent) and parts of PCs (+11 per cent). Non-electronic NODX to Hong Kong rose by 22 per cent in December 2010, following the 46 per cent increase in the preceding month, due to specialised machinery (+136 per cent), parts of accessories of non-electric machinery (+523 per cent) and printed matter (+162 per cent).
21. Indonesia - NODX to Indonesia expanded by 13 per cent in December 2010, following the 16 per cent rise in the previous month, because of both electronic and non-electronic NODX. Electronic NODX to Indonesia grew by 6.6 per cent in December 2010, following the 16 per cent increase in the preceding month, due to telecommunications equipment (+634 per cent), PCs (+229 per cent) and office machines (+97 per cent). Non-electronic NODX to Indonesia rose by 15 per cent in December 2010, following the 16 per cent increase in the preceding month, due to petrochemicals (+24 per cent), civil engineering equipment parts (+81 per cent) and heating & cooling equipment (+184 per cent).
22. Japan - NODX to Japan expanded by 2.3 per cent in December 2010, following the 14 per cent rise in the previous month, because of non-electronic NODX. Electronic NODX to Japan contracted by 7.1 per cent in December 2010, following the 8.0 per cent decline in the preceding month, due to disk drives (-45 per cent), parts of ICs (-47 per cent) and parts of PCs (-24 per cent). Non-electronic NODX to Japan grew by 8.6 per cent in December 2010, following the 35 per cent increase in the preceding month, due to pharmaceuticals (+84 per cent), medical apparatus (+201 per cent) and measuring instruments (+107 per cent).
23. Remaining top market4 - NODX to Taiwan and Thailand increased, while NODX to South Korea contracted in December 2010.
- NODX to Taiwan expanded by 11 per cent in December 2010, following the 14 per cent rise in the previous month, because of non-electronic NODX. Electronic NODX to Taiwan contracted by 1.3 per cent in December 2010, in contrast to the 24 per cent increase in the preceding month, due to parts of ICs (-83 per cent), parts of PCs (-33 per cent) and diodes & transistors (-11 per cent). Non-electronic NODX to Taiwan grew by 29 per cent in December 2010, following the 1.3 per cent rise in the preceding month, due to specialised machinery (+148 per cent), measuring instruments (+31 per cent) and primary chemicals (+53 per cent).
- NODX to South Korea contracted by 0.5 per cent in December 2010, in contrast to the 20 per cent rise in the previous month, because of electronic NODX. Electronic NODX to South Korea decreased by 10 per cent in December 2010, in contrast to the 17 per cent expansion in the preceding month, due to ICs (-9.4 per cent), parts of ICs (-37 per cent) and parts of PCs (-19 per cent). Non-electronic NODX to South Korea grew by 5.7 per cent in December 2010, following the 22 per cent increase in the preceding month, due to specialised machinery (+84 per cent), petrochemicals (+79 per cent) and measuring instruments (+124 per cent).
- NODX to Thailand expanded by 3.1 per cent in December 2010, following the 16 per cent rise in the previous month, because of non-electronic NODX. Electronic NODX to Thailand contracted by 0.7 per cent in December 2010, in contrast to the 6.7 per cent increase in the preceding month, due to parts of ICs (-44 per cent), parts of PCs (-14 per cent) and consumer electronics (-54 per cent). Non-electronic NODX to Thailand grew by 4.3 per cent in December 2010, following the 19 per cent rise in the preceding month, due to petrochemicals (+28 per cent), aromatic chemicals (+27 per cent) and jewellery (+2,014 per cent).
4 Includes South Korea, Taiwan and Thailand.
24. Emerging markets5 - NODX to emerging markets increased by 28 per cent in December 2010, in contrast to the 35 per cent contraction in the previous month. The growth in NODX to the emerging markets was mainly due to Latin America and South Asia.
5 Consisting of the Caribbean, Central Asia, CLMV, Eastern & Southern Europe (non-EU), Latin America, the Middle East, South Asia and South Africa; the list of emerging markets has been updated.
Source : http://www.depthai.go.th