Financial News: Singapore Non-Oil Domestic Exports Expand In August

Singapore Non-Oil Domestic Exports Expand In August

09/17/2024 - 03:43:00 (RTTNews)

(RTTNews) - Singapore's non-oil domestic exports continued to expand in August but the pace of growth softened, data from Enterprise Singapore showed Tuesday.

Non-oil domestic exports climbed 10.7 percent on a yearly basis in August after rising 15.7 percent in July.

Data showed that electronic product exports surged 35.1 percent on strong demand for ICs, disk media products and PCs. At the same time, non-electronic products exports grew only 3.7 percent.

On a monthly basis, NODX fell 4.7 percent, in contrast to the 12.2 percent expansion. Non-electronics fell, while electronics grew.

NODX to the top markets as a whole grew in August but NODX to the EU 27 and Japan declined. The largest contributors to the growth were Hong Kong, China and Malaysia. Non-oil re-exports climbed 4.6 percent on year, following the 11.7 percent growth in the previous month.

ING economist Robert Carnell said, "Extracting the signal from all the noise of the non-oil domestic exports (NODX) series is not easy - but by stripping away as much of the volatility as we dare without losing the underlying trend, it looks as if exports continue to make modest progress."

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