Singapore's non-oil domestic exports fall 2.1% in January

17 February 2012 03:33  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore’s non-oil domestic exports (NODX) fell by 2.1% year on year in January, pressured by a decline in electronic NODX that outweighed an increase in non-electronic NODX, official data showed on Friday.

The contraction in January followed a 9.0% year-on-year increase in December, International Enterprise (IE) Singapore said in its monthly report.

On a year-on-year basis, electronic NODX fell by 11% in January, while non-electronic NODX rose by 3.3%, it said.

The increase in non-electronic NODX was led by the pharmaceutical, electrical machinery and civil engineering equipment part sectors, it added.

NODX to the top 10 NODX markets, except South Korea, Thailand and Japan, decreased in January from the same period a year ago, the trade promotion agency said.

The top three contributors to the NODX contraction in January were the EU, Malaysia and Indonesia, it added.

Exports of petrochemicals to the EU fell by 78% year on year in January, while shipments of petrochemicals to Malaysia were down by 43%, it said.

Singapore’s NODX to emerging markets rose by 4.6% in January mainly because of Latin America after expanding by 66% in the previous month, IE Singapore said.

Total trade rose by 1.8% year on year in January following a 5.9% increase in the previous month, the data showed.

Total exports declined by 4.0% year on year in January, in contrast to December’s 7.5% expansion, while overall imports rose by 8.5 % in January following a 4.0 % increase in December, it added.

By: Nurluqman Suratman

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