Singapore’s non-oil domestic exports contract in October

SINGAPORE : Singapore’s non-oil domestic exports (NODX) contracted 1.5 per cent year-on-year (y-o-y) in October.

This is in contrast to the 0.9 per cent growth in the previous month due to a decrease in both electronic and nonelectronic NODX.

On a y-o-y basis, NODX to all the top 10 NODX markets, except Thailand, South Korea, Taiwan, Japan, the European Union (EU) and China, declined in October 2014, according to statistics released yesterday by the International Enterprise (IE) Singapore.

The top three contributors to the NODX contraction in October 2014 were Hong Kong, Indonesia and Malaysia.

On a y-o-y basis, oil domestic exports decreased by 14.9 per cent in October, following the preceding month’s 12 per cent contraction.

The y- o-y decline of oil domestic exports was mainly due to decline in sa les to Hong Kong (41.1 per cent), Ma laysia (18.5 per cent) and Panama (2 5. 3 per cent).

In volume terms, oil domestic exports contracted by 4.4 per cent in October, following the 6.2 per cent decline in the previous month.

On a month-on-month basis, oil domestic exports declined by 10.4 per cent in October, after a decrease of 8.5 per cent in the previous month.

Meanwhile, on a y- o-y basis, non-oil reexport (NORX) contracted by 5 .4 percent in October, compared to the 4.2 percent rise in the previous month, due to a decrease in both the electronic and non-electronic NORX. — Bernama