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SINGAPORE: Singapore’s national non-oil exports (NODX) rose 7.7 percent from a year earlier, beating forecasts, official data showed on Thursday (September 17), helped by items such as non-monetary gold and specialized machinery.
Economists had forecast a 3.7 percent increase for August, based on the median of eight estimates.
August exports were also compared to a revised 5.9 percent increase in July, Enterprise Singapore said in a statement. July exports were similarly boosted by shipments of gold and specialty machinery, as well as pharmaceuticals and electronics.
On a seasonally adjusted monthly basis, exports increased 10.5 percent in August after a 1.2 percent increase in the previous month. Economists had forecast a 0.9 percent increase.
NODX in August reached S $ 15.6 billion, up from S $ 14.1 billion in July.
GOLD REINFORCEMENT
Electronic exports rose 5.7 percent in August from the same period last year, after growing 2.8 percent the previous month. Integrated circuits (ICs), disk media products, and personal computers (PCs) were the biggest contributors to growth.
Non-electronic NODX expanded 8.3% in August, after 6.9% in July.
Non-cash gold shipments rose 55.1 percent in August from a year earlier. Singapore is a major regional player in the gold trade and exports can be affected by sudden changes in value.
Apart from gold, specialized machinery (25.7 percent) and food preparations (18.9 percent) contributed the most to the growth of non-electronic NODX.
Overall, NODX to major markets grew in August, although exports to Indonesia, Hong Kong, Malaysia, and Thailand declined. The biggest contributors to growth were China, the EU 27 (excluding Great Britain) and the United States.
NODX to emerging markets fell 1.4 percent in the same period, after contracting 22 percent the previous month. The decline was mainly attributed to the Caribbean, the Middle East and South Asia.
Non-oil re-exports (NORX) increased 0.1 percent in August, after a decrease of 3.1 percent in July. The growth of electronic re-exports outpaced the decline of non-electronic ones.
On a seasonally adjusted basis, NORX expanded 10.0 percent month-over-month in August, after falling 2.1 percent in July. NORX for both electronics and non-electronics grew.
NORX’s figure reached S $ 23.9 billion in August 2020, higher than S $ 21.7 billion in July.
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OIL EXPORTS START WITH LOWER PRICES
National oil exports plunged 49 percent in August amid falling oil prices, after falling 50.9 percent the previous month. Lower exports to Malaysia, Indonesia and Hong Kong contributed to the contraction.
In terms of volume, national oil exports contracted 28.0 percent in August, after declining 26.5 percent in July.
On a seasonally adjusted basis, national oil exports increased 2.3% month-on-month in August, after growing 15.1% in July.
Commentary: Oil is set for a long, rocky road to recovery
Due to the drop in oil trade, total trade fell 6.9 percent in August from the same period last year, after a 9.0 percent decline in July. Total exports decreased 4.7 percent in August, while total imports decreased 9.4 percent in the same period.
Adjusting for seasonal changes, total trade increased 6.4 percent month-on-month in August, after rising 2.4 percent the previous month. Total exports and imports grew 9.5% and 3.1% in August, respectively.
The total trade figure for August reached S $ 80.5 billion, up from S $ 75.7 billion in July.
