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Singapore’s trade in Feb faces a 18.8% decline from 2022’s peak despite recent gains

In Feb 2024, Singapore’s trade dipped 18.8% from its 2022 peak, despite a slight NODX growth and gains in sectors like electronics, showing resilience amid challenges.



Singapore’s external trade underwent a nuanced shift in February 2024, with Non-oil Domestic Exports (NODX) experiencing a slight year-on-year (y-o-y) decline of 0.1%, in contrast to the substantial 16.7% expansion seen in the previous month.

However, it stood approximately 19% or $3.4 billion lower than the peak levels of February 2022.

According to Enterprise Singapore in its latest report, this subtle decrease was attributed to a downturn in non-electronic exports, despite the electronic sector posting growth.

However, on a positive note, NODX still showcased a 4.9% growth on a three-month moving average (3MMA) y-o-y basis, a slight decrease from January’s 5.1% rise.

The month-on-month (m-o-m) seasonally adjusted figures reveal a sharper decline of 4.8% in NODX, following a 2.2% increase in the prior month.

The seasonally adjusted NODX level for February stood at S$14.2 billion, down from January’s S$14.9 billion but still above the S$13.5 billion recorded in February 2023.

Enterprise Singapore highlighted the variances within the trade sectors, noting a year-on-year contraction in non-electronic products such as food preparations, specialty chemicals, and electrical circuit apparatus.

In contrast, the electronics sector saw significant y-o-y growth, led by increases in integrated circuits (ICs), personal computers (PCs), and parts of ICs.

Despite the fluctuations in NODX, Singapore’s total trade continued to grow in February 2024, marking a 3.5% y-o-y increase, albeit at a slower pace compared to the 14.1% expansion in the previous month.

This growth was driven by both exports and imports, with total exports up by 1.7% and imports rising by 5.6%. The overall trade figures, however, dipped slightly on a m-o-m seasonally adjusted basis by 0.5%.

Noteworthy is the performance of non-oil retained imports of intermediate goods (NORI), which surged from S$3.4 billion in January to S$5.2 billion in February, indicating a resilient demand for intermediate goods despite a slight drop from 2023’s average of S$5.3 billion.

Looking at the trade with top markets, NODX saw an overall increase in February, bolstered by significant growth in exports to Hong Kong, the United States, and Indonesia. This was offset by declines in exports to Japan, Malaysia, Taiwan, the EU27, Thailand, South Korea, and China.

Oil domestic exports also showed robust growth, with a 9.9% y-o-y increase in February, supported by substantial export volume increases to Indonesia, Malaysia, and the US. This sector’s volume growth of 17.2% indicates a strong rebound in oil trade.

Non-oil re-exports (NORX) experienced a modest increase of 0.7% y-o-y, with electronic NORX leading the charge, whereas non-electronic NORX faced a decline.

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Don’t worry, I am sure the high trading of wrist bands during Swift concert will help Singapore’s trade up by 81%.

The ruling government should stop listing “Hong Kong” and “the PRC” as two separate territories. Then we can actually see the changes in trade data between Singapore and the PRC.

Everyone knows that everything imported and exported from Hong Kong ends up being shipped to
nearby ports in the PRC.

SG punch above its weight – many world press and publications sing this praise of Singapore under the PAP Administration.

But how is it PUNCHING it’s own economic growth engine to achieve growth of those days of 5,7 per cent annually, NOW LANGUISHING at 2, 3 per cent – LIARS AND LIARS, GREEDY LIARS aplenty in the PAP Administration. For what?



There’s always always, … a “silver lining” in SillyPore’s trade and employment statistics cum reports !!!

Never a dull moment on the island !!!

Trade is down, employment is scarce, public housing fast catching up with private, utilities on the up, groceries costs more, but, … the sun is shining, the birds are still chirping and the majority still loves the government !!!

Useless Millionaire PAP Administration MONEY GRABBERS and SUCKING money from SG National Reserves BLEED SG dry, and DRIER by the month.

Whe so other many countries FLOW WITH, and TAKE ADVANTAGE of Globalisation and Tech Advances, to prosper AND UPLIFT their people many times – HERE IN SG the Chief Millionaire Bastard BLAMED them instead. And worst RELY on Foreigners to oil the economy which is NOTHING great to talk of even then these foreigners are referred to as SG’s Foreign Talents.

End Result – DRIVE UP Food Inflation, Housing Inflation, Transport Inflation.

when billions of ill gotten monies circulating on the domestic market dried, expect the turn of tide…nice to notice the dice.