On a month-on-month seasonally adjusted (m-o-m SA) basis,non-oil domestic exports (NODX) increased by 3.0 per cent in September 2009,after the previous month's 1.2 per cent increase.
On a year-on-year (y-o-y) basis,NODX declined by 7.2 per cent in September 2009,identical to the decrease in the previous month,due to lower electronic and non-electronic NODX.
On a m-o-m SA basis,non-oil re-exports (NORX) decreased by 0.3 per cent in September 2009,in contrast to the 1.5 per cent growth in the previous month.
On a y-o-y basis,NORX contracted by 19 per cent in September 2009,after the 16 per cent decrease in the previous month,due to lower electronic and non-electronic NORX.
Overall Trend
1.
On a m-o-m SA basis,NODX increased by 3.0 per cent in September 2009,after the previous month's 1.2 per cent increase,due to higher sales of electronic NODX.
2.
On a y-o-y basis,NODX declined by 7.2 per cent in September 2009,identical to the decrease in the previous month. On a 3-month moving average (3MMA) y-o-y basis,NODX contracted by 7.7 per cent in September 2009,following the 9.0 per cent decline in the previous month.
3.
On a SA basis,non-oil retained imports of intermediate goods (NORI) increased by S$501 million from S$4,200 million in the previous month to reach S$4,701 million in September 2009.
1NORI is a coincident indicator for NODX.
(II) Commentaries
(a)
Performance of Key Trade Components
Total Trade
4.
On a m-o-m SA basis,total trade increased by 4.6 per cent in September 2009,after the 0.8 per cent rise in the previous month. Total exports rose by 1.1 per cent in September 2009,after a 1.3 per cent increase in the previous month. Total imports increased by 8.6 per cent in September 2009,after a rise of 0.3 per cent in the previous month.
5.
On a y-o-y basis,total trade declined by 19 per cent in September 2009,after the 20 per cent decrease in the previous month. Total exports decreased by 19 per cent in September 2009,identical to the contraction in the previous month. Total imports declined by 19 per cent in September 2009,following the 21 per cent decrease in the preceding month.
Non-oil Domestic Exports (NODX)
6.
On a y-o-y basis,NODX declined by 7.2 per cent in September 2009,identical to the decrease in the previous month,due to lower electronic and non-electronic domestic exports.
7.
Electronic products.On a y-o-y basis,electronic NODX contracted by 14 per cent in September 2009,identical to the decline in the previous month. The decrease in electronic domestic exports was largely due to lower domestic exports of ICs,parts of ICs and disk drives.
8.
Non-electronic products. On a y-o-y basis,non-electronic NODX decreased by 2.4 per cent in September 2009,following the 2.9 per cent decline in the previous month. The contraction in non-electronic NODX was led by reduced domestic exports of petrochemicals,heating and cooling equipment,and electric plant and parts.
Oil Domestic Exports
9.
On a m-o-m SA basis,oil domestic exports increased by 7.3 per cent in September 2009,compared to a decline of 2.8 per cent in the previous month. On a y-o-y basis,oil domestic exports declined by 35 per cent in September 2009,after the preceding month's 45 per cent decrease. The y-o-y contraction of oil domestic exports was mainly due to lower sales to the EU 27 (-49%),Panama (-41%) and Hong Kong (-26%). In volume terms,oil domestic exports contracted by 0.2 per cent in September 2009,after the 13 per cent decrease in the previous month.
Non-oil Re-exports (NORX)
10.
On a m-o-m SA basis,non-oil re-exports (NORX) decreased by 0.3 per cent in September 2009,compared to the 1.5 per cent rise in the previous month,due to a decline in non-electronic NORX.
11.
On a y-o-y basis,NORX declined by 19 per cent in September 2009,after the 16 per cent contraction in the previous month,due to a decrease in electronic and non-electronic NORX. On a 3MMA y-o-y basis,NORX contracted by 17 per cent in September 2009,identical to the decrease in the preceding month.
12.
On a y-o-y basis,electronic NORX decreased by 20 per cent in September 2009,following the 16 per cent decline in the previous month. The contraction in electronic NORX was due to lower re-exports of parts of PCs (-34 per cent),diodes and transistors (-40 per cent),and telecommunications equipment (-42 per cent).
13.
On a y-o-y basis,non-electronic NORX decreased by 17 per cent in September 2009,after the 16 per cent decline in the previous month. The decrease in non-electronic NORX was led by lower re-exports of civil engineering equipment parts (-29 per cent),piston engines (-29 per cent) and clothing (-47 per cent).
14.
NORX to all of the top 10 NORX markets decreased in September 2009. The top three contributors to the NORX contraction in September 2009 were Indonesia (-34 per cent),the EU 27 (-31 per cent) and Malaysia (-17 per cent).
(b) Non-Oil Domestic Export Markets
Overview 2
15.
On a y-o-y basis,NODX to all of the top 10 NODX markets,except Taiwan,Hong Kong,Japan and South Korea,decreased in September 2009. The largest contributors to the y-o-y NODX decline were the EU 27,China and Indonesia.
16
EU 27 – NODX to the EU 27 contracted by 15 per cent in September 2009,after the 27 per cent contraction in the previous month,because of decreases in both electronic and non-electronic NODX. Electronic NODX to the EU 27 contracted by 37 per cent in September 2009,identical to the decline in the preceding month,due to lower domestic exports of ICs (-50 per cent),parts of PCs (-46 per cent) and disk drives (-35 per cent). Non-electronic NODX to the EU 27 decreased by 2.3 per cent in September 2009,after the 19 per cent decline in the previous month. The decrease in non-electronic NODX was mainly led by lower domestic exports of petrochemicals (-64 per cent),household goods (-48 per cent) and electrical circuit apparatus (-36 per cent).
17
US – NODX to the US decreased by 4.7 per cent in September 2009,after the 21 per cent decline in the previous month,due to lower electronic and non-electronic NODX. Electronic NODX to the US declined by 6.2 per cent in September 2009,after the 16 per cent decrease in the previous month,on lower domestic exports of ICs (-32 per cent),disk drives (-26 per cent) and parts of ICs (-55 per cent). Meanwhile,non-electronic NODX to the US declined by 2.6 per cent in September 2009,after the 29 per cent decrease in the preceding month. In particular,the decline in non-electronic NODX to the US was led by lower domestic exports of aircraft parts (-30 per cent),other animal and vegetable oils (-100 per cent),and measuring instruments (-21 per cent).
18.
China - NODX to China decreased by 15 per cent in September 2009,after the 5.4 per cent decline in the previous month,due to lower electronic NODX. Electronic domestic exports to China decreased by 42 per cent in September 2009,after the 28 per cent decline in the previous month. The contraction in electronic NODX was led by lower domestic exports of ICs (-49 per cent),parts of PCs (-49 per cent) and PCs (-87 per cent). Non-electronic NODX to China rose by 5.4 per cent in September 2009,after the 9.1 per cent increase in the preceding month,led by higher shipments of petrochemicals (+19 per cent),food preparations (+153 per cent) and primary chemicals (+39 per cent).
19.
Malaysia - NODX to Malaysia contracted by 5.2 per cent in September 2009,after the 14 per cent decrease in the previous month. The decline in NODX was due to lower non-electronic NODX. Electronic domestic exports to Malaysia rose by 5.3 per cent in September 2009,contrasting with the 7.6 per cent contraction in the previous month. The higher sales in electronic domestic exports was mainly due to higher domestic exports of ICs (+35 per cent),parts of PCs (+13 per cent) and office machines (+69 per cent). Non-electronic NODX to Malaysia decreased by 13 per cent in September 2009,after the previous month's 18 per cent contraction. The contraction in non-electronic NODX was mainly because of lower domestic exports of petrochemicals (-24 per cent),civil engineering equipment parts (-33 per cent) and articles of plastic (-37 per cent).
20.
Indonesia - NODX to Indonesia contracted by 22 per cent in September 2009,following the 21 per cent decline in the preceding month,due to lower sales of electronic and non-electronic NODX. Electronic NODX to Indonesia declined by 31 per cent in September 2009,following the 22 per cent decrease in the previous month,largely due to lower domestic exports of parts of PCs (-72 per cent),consumer electronics (-40 per cent) and parts of ICs (-61 per cent). Meanwhile,non-electronic NODX to Indonesia declined by 18 per cent in September 2009,following the 20 per cent contraction in the previous month. The contraction in non-electronic NODX was due to lower sales of petrochemicals (-14 per cent),metal manufactures (-63 per cent) and mechanical handling equipment (-69 per cent).
21.
Hong Kong - NODX to Hong Kong rose by 5.0 per cent in September 2009,following the 13 per cent increase in the previous month,on higher electronic NODX. Electronic NODX to Hong Kong registered a 9.5 per cent increase in September 2009,slower than the 23 per cent rise in the previous month,due to higher domestic exports of parts of PCs (+145 per cent),diodes and transistors (+61 per cent),and consumer electronics (+113 per cent). Non-electronic NODX to Hong Kong decreased by 2.1 per cent in September 2009,after the 2.3 per cent decline in the previous month. The decrease in non-electronic NODX to Hong Kong was mainly led by lower sales of petrochemicals (-44 per cent),electrical power machinery (-82 per cent) and other specialty chemicals (-61 per cent).
22.
Japan - NODX to Japan rose by 1.6 per cent in September 2009,in contrast to the 4.7 per cent decrease in the previous month,due to higher sales of non-electronic NODX. Electronic NODX to Japan declined by 5.9 per cent in September 2009,following the 4.2 per cent decrease in the previous month,on lower domestic exports of parts of ICs (-44 per cent),parts of PCs (-12 per cent) and disk drives (-10 per cent). Non-electronic NODX to Japan in September 2009 rose by 7.1 per cent,compared to the contraction of 5.2 per cent in the previous month,mainly due to higher sales of disk media products (+71 per cent),pharmaceuticals (+44 per cent) and electrical medical apparatus (+8,093 per cent).
23.
Remaining top market3 - NODX to Taiwan and South Korea increased,while NODX to Thailand contracted in September 2009.
NODX to Taiwan increased by 13 per cent in September 2009,following the preceding month's 9.1 per cent rise,due to higher electronic and non-electronic NODX. Electronic domestic exports to Taiwan increased by 19 per cent in September 2009,following the 27 per cent rise in the previous month. The increase in electronic NODX was mainly because of ICs (+65 per cent),bare printed circuit boards (+28 per cent) and capacitors (+3.6 per cent). Non-electronic NODX to Taiwan increased by 6.6 per cent in September 2009,in contrast to the 8.3 per cent decrease in the previous month. The rise in non-electronic NODX was because of higher domestic exports of measuring instruments (+560 per cent),specialised machinery (+133 per cent) and non-monetary gold (+35 per cent).
NODX to South Korea increased by 1.1 per cent in September 2009,after the 14 per cent growth in the previous month,due to a rise in non-electronic NODX. Electronic NODX to South Korea decreased by 11 per cent in September 2009,compared to the 20 per cent rise in the previous month. The decrease in electronic NODX was mainly led by lower shipments of parts of ICs (-61 per cent),other computer peripherals (-92 per cent) and parts of PCs (-16 per cent). Meanwhile,non-electronic NODX to South Korea posted a 8.6 per cent rise in September 2009,following the 10 per cent growth in the previous month,mainly due to higher sales of specialised machinery (+1,071 per cent),parts for tractors and motor vehicles (+69 per cent),and petrochemicals (+120 per cent).
NODX to Thailand declined by 12 per cent in September 2009,after the previous month's 18 per cent contraction. The decrease was due to lower electronic and non-electronic NODX. Electronic NODX to Thailand declined by 24 per cent in September 2009,following the 32 per cent decrease in the previous month,mainly due to lower domestic exports of ICs (-39 per cent),parts of ICs (-48 per cent) and parts of PCs (-7.4 per cent). Non-electronic NODX to Thailand contracted by 7.8 per cent in September 2009,following the 13 per cent decrease in the previous month,due to lower domestic exports of petrochemicals (-24 per cent),primary chemicals (-30 per cent) and electrical machinery (-48 per cent).
24.
Emerging markets4 - NODX to emerging markets increased by 3.7 per cent in September 2009,following the 22 per cent increase in the previous month. The increase in NODX to the emerging markets was because of higher shipments to Indo-China and Latin America.
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