On a year-on-year (y-o-y) basis, NODX declined by 1.0 per cent in April 2013, following the 4.8 per cent decrease in the previous month, due to a decrease in electronic NODX which outweighed the rise in non-electronic domestic exports.
On a y-o-y basis, NODX to all of the top 10 NODX markets, except China, Taiwan, the US, Thailand and Hong Kong, decreased in April 2013. The top three contributors to the NODX contraction in April 2013 were the EU 27, South Korea and Malaysia.
On a y-o-y basis, NORX expanded by 16.7 per cent in April 2013, in contrast to the 1.9 per cent decrease in the previous month, due to both electronic and non-electronic NORX.
(I) Overall Trend
1.
On a y-o-y basis, NODX contracted by 1.0 per cent in April 2013, following the 4.8 per cent decrease in the previous month. On a 3-month moving average (3MMA) y-o-y basis, NODX declined by 12.8 per cent in April 2013, following the 12.5 per cent contraction in the previous month.
2.
On a month-on-month seasonally adjusted (m-o-m SA) basis, NODX increased by 1.1 per cent in April 2013, following the previous month’s 8.0 per cent expansion, due to a rise in electronic NODX which outweighed the contraction in non-electronic NODX. On a SA basis, the level of NODX reached S$14.4 billion in April 2013, higher than the S$14.3 billion registered in the previous month.
3.
On a SA basis, non-oil retained imports of intermediate goods2 (NORI) declined by S$1.1 billion from S$5.6 billion in the previous month to reach S$4.5 billion in April 2013.
(II) Commentaries
(a)
Performance of Key Trade Components
Total Trade
4.
On a y-o-y basis, total trade rose by 2.0 per cent in April 2013, following the 10.4 per cent decrease in the previous month. Total exports grew by 1.6 per cent in April 2013, after the 7.6 per cent contraction in the previous month. Total imports increased by 2.5 per cent in April 2013, in contrast to the 13.4 per cent decline in the preceding month.
5.
On a m-o-m SA basis, total trade expanded by 8.3 per cent in April 2013, compared to the 4.1 per cent decrease in the previous month. On a SA basis, the level of total trade reached S$83.3 billion in April 2013, higher than the previous month’s achievement of S$77.0 billion. Total exports rose by 7.0 per cent in April 2013, in contrast to the 3.2 per cent decline in the previous month. Total imports grew by 9.7 per cent in April 2013, compared to the 5.0 per cent contraction in the previous month.
Non-oil Domestic Exports (NODX)
6.
On a y-o-y basis, NODX declined by 1.0 per cent in April 2013, following the 4.8 per cent contraction in the previous month, due to a decrease in electronic domestic exports which outweighed the rise in non-electronic domestic exports.
7.
Electronic products. On a y-o-y basis, electronic NODX contracted by 9.0 per cent in April 2013, after the 17.9 per cent decline in the previous month. The decrease in electronic domestic exports was largely due parts of PCs (-37.5 per cent), ICs (~11.7 per cent) and disk media products (-35.5 per cent).
8.
Non-electronic products. On a y-o-y basis, non-electronic NODX expanded by 3.3 per cent in April 2013, following the 2.3 per cent increase in the previous month. The rise in non-electronic NODX was led by printed matter (+130.8 per cent), petrochemicals (+19.3 per cent) and aircraft parts (+28.0 per cent).
Oil Domestic Exports
9.
On a y-o-y basis, oil domestic exports decreased by 8.9 per cent in April 2013, after the preceding month’s 12.4 per cent contraction. The y-o-y decline of oil domestic exports was mainly due to lower sales to Malaysia (-23.7 per cent), Hong Kong (-24.1 per cent) and the EU 27 (-33.0 per cent). In volume terms, oil domestic exports increased by 6.2 per cent in April 2013, after the 0.3 per cent expansion in the previous month. On a m-o-m SA basis, oil domestic exports declined by 0.8 per cent in April 2013, following a contraction of 17.6 per cent in the previous month.
Non-oil Re-exports (NORX)
10.
On a y-o-y basis, NORX grew by 16.7 per cent in April 2013, compared to the 1.9 per cent contraction in the previous month, due to an increase in both electronic and non-electronic NORX. On a 3MMA y-o-y basis, NORX was flat in April 2013, in contrast to a 1.3 per cent contraction in the preceding month.
11.
On a m-o-m SA basis, NORX increased by 13.9 per cent in April 2013 following the marginal 0.3 per cent rise in the previous month due to an expansion in both electronic and non-electronic NORX. On a SA basis, the level of NORX reached S$19.2 billion in April 2013, higher than the S$16.9 billion registered in the preceding month.
12.
On a y-o-y basis, electronic NORX rose by 22.9 per cent in April 2013, compared to the 1.1 per cent decline in the previous month. The expansion in electronic NORX was due to ICs (+30.9 per cent), telecommunications equipment (+25.8 per cent) and parts of ICs (+48.0 per cent).
13.
On a y-o-y basis, non-electronic NORX expanded by 10.8 per cent in April 2013, in contrast to the 2.9 per cent decrease in the previous month. The rise in non-electronic NORX was due to piston engines (+134.6 per cent), non-electric engines & motors (+38.0 per cent) and ball or roller bearings (+68.9 per cent).
14.
NORX to all of the top 10 NORX markets increased in April 2013. The top three contributors to the NORX rise in April 2013 were Hong Kong (+20.7 per cent), China (+19.9 per cent) and South Korea (+35.9 per cent).
On a y-o-y basis, NODX to all of the top 10 NODX markets, except China, Taiwan, the US, Thailand and Hong Kong, decreased in April 2013. The top three contributors to the NODX contraction in April 2013 were the EU 27, South Korea and Malaysia.
16.
NODX to the EU 27 declined by 13.4 per cent in April 2013, following the previous month’s decrease of 16.2 per cent, led by pharmaceuticals (-24.4 per cent), ICs (-42.1 per cent) and parts of PCs (-29.7 per cent). NODX to South Korea contracted by 27.1 per cent in April 2013, after the 13.3 per cent decline in the preceding month, due to specialised machinery (-74.0 per cent), parts of motor vehicles & tractors (-93.5 per cent) and measuring instruments (-51.2 per cent). NODX to Malaysia decreased by 13.7 per cent in April 2013, following the 21.3 per cent contraction in the preceding month, due to ICs (-37.8 per cent), parts of PCs (-40.0 per cent) and glass (-87.5 per cent).
17.
Emerging markets4 - NODX to emerging markets increased by 6.2 per cent in April 2013, following the 16.0 per cent expanson in the previous month. The increase in NODX to the emerging markets was due mainly to South Asia, CLMV and the Middle East.
1 Definitions for certain product categories have been revised for reports containing data from July 2010 onwards. The revised definitions follow international guidelines. All top products/countries which are stated to have contributed towards the changes in trade figures are ranked by absolute change in level and not change in percentage.
2 NORI is a coincident indicator for NODX. 3 All growth rates quoted in the following analysis refer to year-on-year growth rates unless otherwise stated. 4 Consisting of the Caribbean, Central Asia, CLMV( Cambodia, Laos, Myanmar and Vietnam), Eastern & Southern Europe (non-EU), Latin America, the Middle East, South Asia and South Africa; the list of emerging markets has been updated
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Editors kindly note: Trade statistics released by IE Singapore are proprietary data and therefore copyright belongs to IE Singapore. Any use of the information provided herein must therefore be attributed to IE Singapore.
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