Singapore's NODX dip 0.1% in May; Electronics show strong growth
In May, Singapore's non-oil domestic exports (NODX) decreased by 0.1%, while electronics experienced a notable 21.9% surge, marking the first double-digit growth in 22 months. Despite declines in shipments to key markets like China, Taiwan, the European Union, Japan, and Thailand, EnterpriseSG reported overall NODX growth to major destinations.
SINGAPORE: Singapore's non-oil domestic exports (NODX) decreased by 0.1% in May, marking a moderation from April's 9.6% contraction.
According to data released on 18 June by Enterprise Singapore (EnterpriseSG), the decline in non-electronics slowed down, while electronics saw growth for the second consecutive month, achieving double-digit growth for the first time in 22 months.
EnterpriseSG noted that the 0.1% decline in NODX was the mildest observed in 20 months.
The seasonally adjusted NODX value for May 2024 was S$13.9 billion, which remained unchanged from April 2024.
However, this figure is lower compared to May 2023, when it was S$14.0 billion, and also lower than the average monthly value for 2023, which was S$14.5 billion.
Electronic product exports increased by 21.9% year-on-year in May, following a 3.3% rise in the previous month.
Integrated circuits, disk media products, and PCs were the main contributors, expanding by 35.8%, 92%, and 27.2%, respectively.
Non-electronic products saw a 6% year-on-year decline last month, following a 12.6% contraction in April.
The major contributors to this decline were non-monetary gold, pharmaceuticals, and electrical circuit apparatus, which contracted by 47.2%, 37.5%, and 21.8%, respectively.
EnterpriseSG reported that overall NODX to major markets grew in May, despite declines in shipments to China, Taiwan, the European Union, Japan, and Thailand.
Hong Kong, Malaysia, and the United States were the primary drivers of the NODX increase, with exports to these markets expanding by 73.4%, 23.6%, and 12.1%, respectively.
Total trade expanded by 14.2% year-on-year in May, slightly lower than April's 15.6% growth.
Both exports and imports increased, by 12.6% and 16%, respectively.
EnterpriseSG indicated last month that Singapore's key exports in 2024 are likely to grow at the lower end of the 4%-6% forecast range, following a challenging first quarter.
According to EnterpriseSG on 23 May, NODX decreased by 3.4% in the first quarter of this year, driven primarily by a decline in non-electronic products from a high base a year ago.
On the same day, the Ministry of Trade and Industry reaffirmed Singapore's gross domestic product growth forecast for the year at 1%-3%, citing a 2.7% year-on-year economic growth in the first quarter of 2024.
