3 days Ago By The Straits Times
Year on year, electronic exports grew 35.1 per cent in August, extending the 16.8 per cent expansion in July.
SINGAPORE - Singapore’s key exports grew for a second straight month in August, with non-oil domestic exports (Nodx) rising 10.7 per cent year on year. The growth compares with a Reuters poll forecast of a 15 per cent increase, and extends the 15.
7 per cent expansion in July. The gains were mainly driven by electronics even though non-electronics also increased, Enterprise Singapore (EnterpriseSG) noted in its Sept 17 statement. Year on year, electronic exports grew 35.
1 per cent in August, extending the 16.8 per cent expansion in July. Integrated circuits (ICs), disk media products and personal computers (PCs) contributed the most to the gains in electronic Nodx.
Shipments of ICs, also referred to as chips or semiconductors, expanded 52 per cent; while disk media products grew 166.8 per cent; and personal computers grew by 36 per cent. Both ICs and disk media products grew faster year on year in August than in July, EnterpriseSG added.
ICs make up about half of Singapore’s electronics exports. Meanwhile, non-electronic exports increased 3.7 per cent in August, slowing from the 15.
5 per cent expansion in July. Specialised machinery, non-monetary gold and food preparations contributed the most to the growth in non-electronic Nodx. On a month-on-month seasonally adjusted basis, which removes the effects of seasonal variations in the numbers, Singapore’s exports declined by 4.
7 per cent in August, reversing the 12.2 per cent expansion in July. The level of Nodx reached $14.
7 billion, down from July’s $15.4 billion but higher than 2023’s average of $14.5 billion.
By markets, shipments to Singapore’s top 10 markets grew in August, led by Hong Kong, China and Malaysia. Nodx to Hong Kong expanded 70.6 per cent, following the 3.
3 per cent decline in July. Nodx to China grew 18.8 per cent, extending the 21.
1 per cent gain in July, while Nodx to Malaysia rose by 28.6 per cent, adding to gains of 49.1 per cent in July.
However, Nodx to the European Union (EU) and Japan extended losses, with shipments to Japan down another 29.6 per cent and exports to the EU slipping a further 20.9 per cent.
EnterpriseSG narrowed its 2024 Nodx forecast to 4 per cent to 5 per cent on August 13, saying key downside risks remain for exports, including a weaker-than-expected recovery in the second half of the year. Nodx fell 6.4 per cent in the second quarter of 2024 on the back of volatile pharmaceutical demand, extending the 3.
4 per cent decline in the previous quarter. Join ST's Telegram channel and get the latest breaking news delivered to you. Read 3 articles and stand to win rewards Spin the wheel now.
