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Singapore’s NODX dips by 0.1% in May as pace of decline eases for non-electronics

Felicia Tan
Felicia Tan • 2 min read
Singapore’s NODX dips by 0.1% in May as pace of decline eases for non-electronics
The decline was the mildest in 20 months according to Enterprise Singapore. Photo: Bloomberg
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Singapore’s non-oil domestic exports (NODX) dipped by 0.1% in May, moderating from the 9.6% contraction in April.

According to Enterprise Singapore, the decline marked the mildest in 20 months. May’s NODX was due to the easing pace of decline in non-electronics exports and double-digit growth in electronics exports.

Electronic NODX expanded by 21.9% y-o-y in May, extending the 3.3% increase in April. During the month, integrated circuits (ICs), disk media products and personal computers (PCs), which expanded by 35.8%, 92.0% and 27.2% respectively, contributing the most to the growth. This is also the first double-digit growth in 22 months, notes Enterprise Singapore.

Non-electronic NODX fell by 6.0% y-o-y in May, easing from the 12.6% contraction in April. This month, non-monetary gold, pharmaceuticals and electrical circuit apparatus contracted by 47.2%, 37.5% and 21.8% respectively, contributing the most to the decline in non-electronic NODX.

On a m-o-m seasonally adjusted basis, May’s NODX fell by 0.1% to $13.9 billion as the growth in electronics offset the decline in non-electronics exports.

During the month, NODX to the top markets as a whole grew with the largest contributors being Hong Kong, Malaysia and the US. NODX to Hong Kong expanded by 73.4% due to ICs (+137.4%), non-monetary gold (+93.9%) and PCs (+266.2%).

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NODX to Malaysia grew by 23.6% in May due to non-monetary gold (+170.1%), ICs (+18.1%) and other computer peripherals.

NODX to the US increased by 12.1%, reversing the 40.4% contraction in the previous month, due to miscellaneous manufactured articles (+166.7%), disk media products (+267.5%) and medical apparatus (+97.3%).

In May, NODX to China, Taiwan and the European Union (EU) 27 declined.

See also: Singapore core inflation unchanged on stable energy, food costs


Non-oil re-exports (NORX) grew by 14.1% y-o-y in May, following the 25.4% expansion in April. Both electronics and non-electronics grew.

Electronic NORX grew by 25.6% in May mainly due the increase in ICs (+24.0%), PCs (+178.8%) and parts of PCs (+95.4%).

Non-electronic NORX increased by 3.9% due to non-monetary gold (+114.8%), non-electric engines & motors (+15.7%) and electricity distributing equipment (+102.0%).

On a m-o-m basis, NORX fell by 5.9% to $31.4 billion as both electronics and non-electronics declined.

NORX to the top markets as a whole grew with Malaysia (+32.3%), China (+18.1%) and Hong Kong (+15.1%) being the largest contributors.


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Non-oil retained imports of intermediate goods (NORI) grew by 19.6% y-o-y and 21.8% m-o-m to $6.7 billion in May on a seasonally adjusted basis.

Total trade

Total trade expanded by 14.2% on a y-o-y basis in May, following the 15.6% expansion in April.

Total exports grew by 12.6% while total imports rose by 16.0%.

On a m-o-m seasonally adjusted basis, total trade fell by 2.4% to $108.3 billion as total exports and total imports fell.

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