Singapore’s NODX rebounds on rise in shipments to US, Taiwan, Malaysia

Domestic exports of non-oil (NODX) in Singapore rebounded for the month of May as shipments to the United States, Taiwan and Malaysia increased. The major contributors to the rebound in NODX are the non-electronic NODX that outweighed the drop in electronic NODX.

In a steep rebound from April 2016’s 7.9 percent tumble NODX, Singapore’s NODX surged 11.6 percent in May. On a seasonally adjusted (SA) basis, NODX surged 16.8 percent m/m in May 2016. This comes on the heels of the preceding month’s 4.5 percent growth, on back of an increase in both electronic and non-electronic NODX, data released by the International Enterprise, Singapore showed Friday.

On an SA basis, NODX level reached USD14.9 billion in May 2016, shooting past the USD12.7 billion registered in April. On a year-on-year basis, NODX to all of the top 10 NODX markets, except the European Union, China, South Korea, Hong Kong, Indonesia, Thailand and Japan, fell in May 2016.

Meanwhile, Non-oil Re-exports (NORX) slipped by 2.8 percent y/y in May 2016, extending the 3 percent pullback in the preceding month. The statistics agency reported that this comes against the backdrop of a decline in electronic NORX, which outweighed the uptick in non-electronic NORX.