Singapore's External Trade - September 2011

Economy News Thursday November 17, 2011 14:45 —Export Department

Highlights
  • On a year-on-year (y-o-y) basis, non-oil domestic exports (NODX) contracted by 4.5 per cent in September 2011, in contrast to the 3.9 per cent increase in the previous month, due to the decrease in electronic NODX which outweighed the expansion in non-electronic NODX.
  • On a y-o-y basis, NODX to the US (-35 per cent), Taiwan (-19 per cent) and Malaysia (-1.3 per cent) contracted in September 2011 while NODX to Indonesia (+17.7 per cent), the EU 27 (+5.0 per cent), Hong Kong (+5.6 per cent), Thailand (+15.8 per cent), China (+4.6 per cent), South Korea (+8.6 per cent) and Japan (+0.8 per cent) increased.
  • On a y-o-y basis, non-oil re-exports (NORX) grew by 0.9 per cent in September 2011, in contrast to the 11 per cent decrease in the previous month, due to higher shipments of non-electronic NORX which outweighed the decline in electronic NORX.
  • Definitions for certain product categories have been revised for reports containing data from July 2010 onwards. The revised definitions follow international guidelines.
Overall Trend

1. On a y-o-y basis, NODX declined by 4.5 per cent in September 2011, in contrast to the 3.9 per cent increase in the previous month. On a 3-month moving average (3MMA) y-o-y basis, NODX contracted by 1.1 per cent in September 2011, after the 0.7 per cent increase in the previous month.

2. On a month-on-month seasonally adjusted (m-o-m SA) basis, NODX decreased by 9.3 per cent in September 2011, in contrast to the previous month’s 7.2 per cent growth, due to the contraction in non-electronic NODX which outweighed the rise in electronic NODX. On a SA basis, the level of NODX reached S$14 billion in September 2011, lower than the S$15 billion registered in the previous month.

3. On a SA basis, non-oil retained imports of intermediate goods2 (NORI) decreased by S$840 million from S$5,645 million in the previous month to reach S$4,805 million in September 2011.

(II) Commentaries

(a) Performance of Key Trade Components

Total Trade

4. On a y-o-y basis, total trade rose by 7.0 per cent in September 2011, following the 9.9 per cent growth in the previous month. Total exports expanded by 7.1 per cent in September 2011, following the 4.1 per cent increase in the previous month. Total imports grew by 6.8 per cent in September 2011, after the 17 per cent increase in the preceding month.

5. On a m-o-m SA basis, total trade contracted by 3.5 per cent in September 2011, in contrast to the 7.3 per cent increase in the previous month. On a SA basis, the level of total trade reached S$80 billion in September 2011, lower than the previous month’s achievement of S$83 billion. Total exports rose by 1.4 per cent in September 2011, following the 1.2 per cent increase in the previous month. Total imports contracted by 8.6 per cent in September 2011, compared to a 14 per cent increase in the previous month.

Non-oil Domestic Exports (NODX)

6. On a y-o-y basis, NODX contracted by 4.5 per cent in September 2011, in contrast to the 3.9 per cent increase in the previous month, due to a decline in electronic NODX which outweighed the expansion in non-electronic NODX.

7. Electronic products. On a y-o-y basis, electronic NODX contracted by 14 per cent in September 2011, after the 19 per cent decline in the previous month. The decrease in electronic domestic exports was largely due to disk drives (-54 per cent), ICs (-9.1 per cent) and parts of ICs (-29 per cent).

8. Non-electronic products. On a y-o-y basis, non-electronic NODX expanded marginally by 0.9 per cent in September 2011, following the 18 per cent increase in the previous month. The rise in non-electronic NODX was led by pharmaceuticals (+12 per cent), civil engineering equipment parts (+54 per cent) and printed matter (+37 per cent).

Oil Domestic Exports

9. On a y-o-y basis, oil domestic exports expanded by 56 per cent in September 2011, after the preceding month’s 50 per cent increase. The y-o-y growth of oil domestic exports was mainly due to sales to Malaysia (+95 per cent), Indonesia (+83 per cent) and China (+98 per cent). In volume terms, oil domestic exports increased by 16 per cent in September 2011, similar to the expansion in the previous month. On a m-o-m SA basis, oil domestic exports declined by 1.3 per cent in September 2011, in contrast to the 6.3 per cent rise in the previous month.

Non-oil Re-exports (NORX)

10. On a y-o-y basis, NORX increased marginally by 0.9 per cent in September 2011, after the 11 per cent contraction in the previous month, due to a rise in non-electronic NORX which outweighed the decline in electronic NORX. On a 3MMA y-o-y basis, NORX declined by 6.7 per cent in September 2011, following the 8.2 per cent contraction in the preceding month.

11. On a m-o-m SA basis, NORX increased by 11 per cent in September 2011, after the 3.2 per cent contraction in the previous month, due to increases in both electronic and non-electronic NORX. On a SA basis, the level of NORX reached S$17 billion in September 2011, up from the S$15 billion registered in the preceding month.

12. On a y-o-y basis, electronic NORX decreased by 12 per cent in September 2011, following the 22 per cent decline in the previous month. The contraction in electronic NORX was due to ICs (-15 per cent), diodes & transistors (-45 per cent) and parts of PCs (-8.4 per cent).

13. On a y-o-y basis, non-electronic NORX expanded by 19 per cent in September 2011, after the 3.7 per cent rise in the previous month. The rise in non-electronic NORX was due to aromatic chemicals (+64 per cent), tin (+360 per cent) and spices (+1,174 per cent).

14. NORX to all of the top 10 NORX markets, except Malaysia, the US, Hong Kong, the EU 27, India and South Korea, increased in September 2011. The top three contributors to the NORX expansion in September 2011 were Indonesia (+38 per cent), China (+6.1 per cent) and Japan (+9.0 per cent).

(b) Non-Oil Domestic Export Markets

Overview3

15. On a y-o-y basis, NODX to the US (-35 per cent), Taiwan (-19 per cent) and Malaysia (-1.3 per cent) contracted in September 2011.

16. NODX to the US declined by 35 per cent in September 2011, following the previous month’s contraction of 23 per cent, led by pharmaceuticals (-73 per cent), ICs (-44 per cent) and disk drives (-57 per cent). NODX to Taiwan decreased by 19 per cent in September 2011, after the 10 per cent contraction in the preceding month, due to specialised machinery (-73 per cent), parts of ICs (-51 per cent) and measuring instruments (-36 per cent). NODX to Malaysia declined marginally by 1.3 per cent in September 2011, following the 10 per cent contraction in the preceding month, due to watches & clocks (-66 per cent), petrochemicals (-9.8 per cent) and mechanical handling equipment (-72 per cent).

17. Emerging markets4 — NODX to emerging markets decreased by 13 per cent in September 2011, following the 35 per cent expansion in the previous month. The contraction in NODX to the emerging markets was due mainly to Middle East.

(2) Nori is a coincident indicator for NODX.

(3) All growth rates quoted in the following analysis refer to year-on-year growth rates unless otherwise stated.

(4) 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

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