Singapore’s non-oil domestic exports (NODX) fell by 20.6% y-o-y in December 2022 as both electronics and non-electronics declined on a y-o-y basis.
According to Enterprise Singapore, the decline in NODX was also attributable to the high base seen in the same period the year before.
In October 2022, analysts already indicated that they expect to see a slowdown in Singapore’s NODX for the rest of the year after NODX growth in September 2022 fell below expectations.
In December, electronic NODX fell by 17.9% y-o-y as integrated circuits (ICs), disk media products and parts of personal computers (PCs) led the decline, dipping by 26.0%, 36.5% and 41.7% respectively.
Non-electronic NODX also fell by 21.3% y-o-y for the month of December with non-monetary gold (-63.3%), specialised machinery (-16.6%) and primary chemicals (-55.6%) contributing the most to the decline.
Overall, NODX grew by 3.0% in 2022.
See also: Singapore’s headline inflation eases to 6.3%, MAS core inflation remains at 5.5% in February
On a m-o-m seasonally adjusted basis, NODX declined by 3.1% to $13.9 billion.
NODX to the top 10 markets
NODX to the top 10 markets as a whole declined in December, with China (-31.8%), Indonesia (-35.4%) and Hong Kong (-34.6%) being the largest contributors to the drop. However, NODX to South Korea and Japan rose during the month.
See also: Singapore’s February NODX falls by 15.6%; NODX to top 10 markets drop on a y-o-y basis
NODX to China fell due to the declines in specialised machinery (-44.0%), pharmaceuticals (-84.2%) and primary chemicals (-65.7%) while NODX to Indonesia fell by 35.4% due to non-monetary gold (-88.4%), petrochemicals (-36.7%) and telecommunications equipment (-85.7%).
NODX to Hong Kong fell by 34.6% due to ICs (-30.6%), specialised machinery (-69.4%) and electrical machinery (-70.9%).
At the same time, NODX to the emerging markets contracted by 37.4%. This was mainly due to CLMV or Cambodia, Laos, Myanmar and Vietnam (-70.1%), the Middle East (-19.9%) and the Caribbean (-89.4%).
NORX
Non-oil re-exports also declined by 7.2% y-o-y in December as both electronics and non-electronics re-exports fell.
Electronic NORX fell by 9.8% y-o-y due to ICs (-9.0%), PCs (-48.1%) and parts of PCs (-29.5%).
Non-electronic NORX fell by 4.0% due to non-monetary gold (-69.1%), petrochemicals (-26.2%) and alcoholic beverages (-20.9%).
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Overall, NORX grew by 13.4% in 2022.
On a m-o-m seasonally adjusted basis, NORX grew by 3.8% to $28.7 billion as electronics increased while non-electronics decreased.
NORX to the top 10 markets as a whole declined in December with China (-29.0%), Vietnam (-20.3%) and Malaysia (-6.0%) leading the declines.
Oil domestic exports
Oil domestic exports expanded by 24.6% y-o-y in December with higher exports to the European Union (EU) 27 (+55.3%), Malaysia (+27.6%) and Liberia (+41.9%) contributing to the growth.
In volume terms, oil domestic exports grew by 11.3%.
On a m-o-m seasonally adjusted basis, oil domestic exports fell by 1.0%.
Total trade
Total trade fell by 7.7% y-o-y in December as total exports and total imports fell.
Total exports declined by 7.1% while total imports decreased by 8.2%.
Overall, total trade grew by 17.7% in 2022.
On a m-o-m seasonally adjusted basis, total trade fell by 0.9% in December to $101.3 billion.
