Enterprise Singapore, a government agency that champions enterprise development, announced on Monday Singapore’s non-oil domestic exports (NODX) grew 15.5 percent year on year in May.
Singapore saw the NODX decline by a revised 3.1 percent year on year in March and rebound by 11.8 percent in April.
The agency attributes the NODX growth in May to the growth in non-electronic exports which outweighed the decrease in electronics.
On a month-on-month seasonally adjusted basis, Singapore’s NODX increased 10.3 percent in May to 16.9 billion Singapore dollars (about 12.49 billion U.S. dollars), following the previous month’s 6.5 percent growth, due to the increase in both non-electronic and electronic NODX.
According to the agency, Singapore’s electronic NODX declined 7.8 percent year on year in May, following the 6.9 percent decrease in April. Non-electronic NODX increased 26.2 percent year on year, after the 19.6 percent increase in the previous month.
Among the top NODX markets of Singapore, the European Union, the United States and Japan contributed the most to the city-state’s NODX growth in May. Their NODX grew 97.5 percent, 54 percent and 14.8 percent year on year, respectively.
Meanwhile, Singapore’s non-oil re-exports (NORX) grew four percent in May, after the 8.2 percent growth in April, due to the growth in both electronic and non-electronic re-exports.
Singapore’s oil domestic exports grew by 17.8 percent year on year in May, following the 10.3 percent expansion in the preceding month. Higher sales to Indonesia, Malaysia and Australia contributed the most to the year-on-year increase. Singapore’s oil domestic exports to the three markets increased 40.8 percent, 90.1 percent and 25.2 percent year on year, respectively. In volume terms, oil domestic exports decreased by 9.9 percent in May, compared to the 6.7 percent decline in April.
The total trade of Singapore increased 9.8 percent year on year in May. Total exports grew 10.1 percent year on year in the month, and total imports rose by 9.6 percent year on year.