On a month-on-month seasonally adjusted (m-o-m SA) basis, non-oil domestic exports (NODX) decreased marginally by 0.1 per cent in May 2010, compared to the previous month’s 2.5 per cent increase.
On a year-on-year (y-o-y) basis, NODX grew by 24 per cent in May 2010, following the 30 per cent rise in the previous month, due to both electronic and non-electronic NODX.
On a y-o-y basis, NODX to all of the top ten NODX markets increased. In particular, NODX to China, Hong Kong and Japan rose by 64 per cent, 51 per cent and 66 per cent respectively.
On a m-o-m SA basis, non-oil re-exports (NORX) grew by 5.1 per cent in May 2010, after the 0.6 per cent expansion in the previous month.
On a y-o-y basis, NORX increased by 23 per cent in May 2010, after the 19 per cent rise in the previous month, due to both electronic and non-electronic NORX.
Overall Trend
1.
On a m-o-m SA basis, NODX decreased marginally by 0.1 per cent in May 2010, in contrast to the previous month’s 2.5 per cent rise, due to lower sales of non-electronic NODX.
2.
On a y-o-y basis, NODX grew by 24 per cent in May 2010, following the 30 per cent rise in the previous month. On a 3-month moving average (3MMA) y-o-y basis, NODX increased by 27 per cent in May 2010, after the 26 per cent expansion in the previous month.
3.
On a SA basis, non-oil retained imports of intermediate goods1 (NORI) grew by S$115 million from S$5,343 million in the previous month to reach S$5,458 million in May 2010.
1 NORI 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 decreased by 1.7 per cent in May 2010, compared to the 2.9 per cent rise in the previous month. Total exports grew by 1.7 per cent in May 2010, following the 1.9 per cent expansion in the previous month. Total imports decreased by 5.3 per cent in May 2010, in contrast to the 3.9 per cent rise in the previous month.
5.
On a y-o-y basis, total trade expanded by 25 per cent in May 2010, after the 31 per cent increase in the previous month. Total exports grew by 29 per cent in May 2010, following the 30 per cent rise in the previous month. Total imports expanded by 21 per cent in May 2010, after the 32 per cent increase in the preceding month.
Non-oil Domestic Exports (NODX)
6.
On a y-o-y basis, NODX rose by 24 per cent in May 2010, after the 30 per cent growth in the previous month, due to both electronic and non-electronic domestic exports.
7.
Electronic products. On a y-o-y basis, electronic NODX increased by 39 per cent in May 2010, after the 21 per cent rise in the previous month. The expansion in electronic domestic exports was largely due to higher domestic exports of ICs, parts of ICs and parts of PCs.
8.
Non-electronic products. On a y-o-y basis, non-electronic NODX grew by 16 per cent in May 2010, after the 35 per cent rise in the previous month. The increase in non-electronic NODX was led by higher domestic exports of petrochemicals, disk media products and specialised machinery.
Oil Domestic Exports
9.
On a m-o-m SA basis, oil domestic exports increased by 2.0 per cent in May 2010, after a rise of 9.6 per cent in the previous month. On a y-o-y basis, oil domestic exports expanded by 56 per cent in May 2010, after the preceding month’s 64 per cent increase. The y-o-y rise of oil domestic exports was mainly due to higher sales to Panama (+81%), Malaysia (+42%) and China (+69%). In volume terms, oil domestic exports increased by 20 per cent in May 2010, after the 12 per cent rise in the previous month.
Non-oil Re-exports (NORX)
10.
On a m-o-m SA basis, NORX increased by 5.1 per cent in May 2010, after the 0.6 per cent rise in the previous month, due to an increase in both electronic and non-electronic NORX.
11.
On a y-o-y basis, NORX grew by 23 per cent in May 2010, after the 19 per cent expansion in the previous month, due to a rise in both electronic and non-electronic NORX. On a 3MMA y-o-y basis, NORX increased by 21 per cent in May 2010, after the 15 per cent expansion in the preceding month.
12.
On a y-o-y basis, electronic NORX increased by 25 per cent in May 2010, after the 24 per cent rise in the previous month. The expansion in electronic NORX was due to higher re-exports of ICs (+20 per cent), diodes & transistors (+71 per cent) and parts of PCs (+32 per cent).
13.
On a y-o-y basis, non-electronic NORX rose by 21 per cent in May 2010, after the 14 per cent increase in the previous month. The rise in non-electronic NORX was led by higher re-exports of non-monetary gold (+464 per cent), petrochemicals (+123 per cent) and primary chemicals (+123 per cent).
14.
NORX to all of the top 10 NORX markets, except South Korea, increased in May 2010. The top three contributors to the NORX rise were Hong Kong (+29 per cent), Malaysia (+31 per cent) and China (+28 per cent).
(b) Non-Oil Domestic Export Markets
Overview2
15.
NODX to all of the top ten NODX markets increased y-o-y in May 2010. The largest contributors to the increase were China, Hong Kong and Japan.
2 All growth rates quoted in the following analysis refer to year-on-year growth rates unless otherwise stated.
16
EU 27 – NODX to the EU 27 rose by 5.7 per cent in May 2010, after the 21 per cent expansion in the previous month, because of an increase in electronic NODX. Electronic NODX to the EU 27 expanded by 43 per cent in May 2010, after the previous month’s 1.3 per cent growth, due to higher domestic exports of parts of PCs (+142 per cent), parts of ICs (+176 per cent) and diodes & transistors (+424 per cent). Non-electronic NODX to the EU 27 decreased by 7.5 per cent in May 2010, in contrast to the 32 per cent expansion in the previous month. The decrease in non-electronic NODX was mainly led by lower domestic exports of pharmaceuticals (-25 per cent), household goods (-99 per cent) and primary chemicals (-42 per cent).
17
US – NODX to the US increased by 29 per cent in May 2010, after the 46 per cent rise in the previous month, due to both electronic and non-electronic NODX. Electronic NODX to the US expanded by 29 per cent in May 2010, after the 3.1 per cent increase in the previous month, due to parts of PCs (+69 per cent), ICs (+14 per cent) and other computer peripherals (+82 per cent). Meanwhile, non-electronic NODX to the US grew by 28 per cent in May 2010, after the 113 per cent rise in the preceding month. The increase in non-electronic NODX to the US was led by domestic exports of measuring instruments (+99 per cent), specialised machinery (+200 per cent) and pharmaceuticals (+57 per cent).
18.
China – NODX to China grew by 64 per cent in May 2010, after the 29 per cent rise in the previous month, due to both electronic and non-electronic NODX. Electronic domestic exports to China expanded by 84 per cent in May 2010, after the 28 per cent rise in the previous month. The increase in electronic NODX was led by ICs (+83 per cent), parts of PCs (+109 per cent) and parts of ICs (+214 per cent). Non-electronic NODX to China expanded by 55 per cent in May 2010, after the 30 per cent increase in the preceding month, due to shipments of disk media products (+77 per cent), primary chemicals (+128 per cent) and petrochemicals (+43 per cent).
19.
Malaysia – NODX to Malaysia increased by 25 per cent in May 2010, following the 29 per cent increase in the previous month. The expansion in NODX was due to both electronic and non-electronic NODX. Electronic domestic exports to Malaysia increased by 18 per cent in May 2010, after the 33 per cent rise in the previous month. The higher sales in electronic domestic exports were mainly due to ICs (+36 per cent), parts of ICs (+130 per cent) and capacitors (+72 per cent). Non-electronic NODX to Malaysia increased by 30 per cent in May 2010, after the previous month’s 26 per cent rise. The expansion in non-electronic NODX was mainly because of petrochemicals (+20 per cent), primary chemicals (+78 per cent) and disk media products (+186 per cent).
20.
Indonesia – NODX to Indonesia grew by 19 per cent in May 2010, following the 25 per cent increase in the preceding month, due to higher sales of both electronic and non-electronic NODX. Electronic NODX to Indonesia expanded by 1.9 per cent in May 2010, compared to the 2.7 per cent decrease in the previous month, largely due to PCs (+139 per cent), ICs (+76 per cent) and printers (+842 per cent). Meanwhile, non-electronic NODX to Indonesia grew by 24 per cent in May 2010, following the 34 per cent rise in the previous month. The expansion in non-electronic NODX was mainly due to petrochemicals (+79 per cent), parts for non-electric machinery (+255 per cent) and electrical circuit apparatus (+47 per cent).
21.
Hong Kong – NODX to Hong Kong rose by 51 per cent in May 2010, following the 41 per cent expansion in the previous month, on both electronic and non-electronic NODX. Electronic NODX to Hong Kong registered a 59 per cent increase in May 2010, after the 43 per cent rise in the previous month, because of parts of ICs (+134 per cent), ICs (+53 per cent) and parts of PCs (+68 per cent). Non-electronic NODX to Hong Kong increased by 39 per cent in May 2010, after the 37 per cent rise in the previous month. The expansion in non-electronic NODX to Hong Kong was mainly led by sales of disk media products (+227 per cent), aircraft parts (+50 per cent) and printed matter (+695 per cent).
22.
Japan –NODX to Japan increased by 66 per cent in May 2010, after the previous month’s 29 per cent rise, due to higher sales of both electronic and non-electronic NODX. Electronic NODX to Japan rose by 28 per cent in May 2010, after the 19 per cent expansion in the previous month, on domestic exports of ICs (+44 per cent), parts of ICs (+82 per cent) and telecommunications equipment (+479 per cent). Non-electronic NODX to Japan in May 2010 increased by 93 per cent, after the expansion of 36 per cent in the previous month, due to sales of disk media products (+195 per cent), pharmaceuticals (+113 per cent) and petrochemicals (+191 per cent).
23.
Remaining top market3 – NODX to South Korea, Taiwan and Thailand rose in May 2010.
NODX to Taiwan increased by 40 per cent in May 2010, following the preceding month’s 39 per cent rise, due to both electronic and non-electronic NODX. Electronic domestic exports to Taiwan expanded by 44 per cent in May 2010, after the 22 per cent rise in the previous month. The increase in electronic NODX was mainly because of ICs (+52 per cent), parts of ICs (+24 per cent) and parts of PCs (+42 per cent). Non-electronic NODX to Taiwan expanded by 35 per cent in May 2010, after the previous month’s growth of 67 per cent. The increase in non-electronic NODX was due to specialised machinery (+1,186 per cent), aircraft parts (+3,747 per cent) and primary chemicals (+47 per cent).
NODX to South Korea grew by 38 per cent in May 2010, following the 57 per cent growth in the previous month, due to a rise in both electronic and non-electronic NODX. Electronic NODX to South Korea expanded by 30 per cent in May 2010, after the 33 per cent rise in the previous month. The increase in electronic NODX was mainly led by shipments of ICs (+30 per cent), parts of ICs (+131 per cent) and parts of PCs (+14 per cent). Meanwhile, non-electronic NODX to South Korea posted a 44 per cent growth in May 2010, following the previous month’s 74 per cent increase, mainly due to sales of specialised machinery (+260 per cent), synthetic rubber & waste (+6,848 per cent) and primary chemicals (+214 per cent).
NODX to Thailand rose by 30 per cent in May 2010, identical to the previous month’s expansion. The increase was due to both electronic and non-electronic NODX. Electronic NODX to Thailand rose by 48 per cent in May 2010, after the 29 per cent expansion in the previous month, mainly due to domestic exports of ICs (+56 per cent), parts of ICs (+164 per cent) and diodes & transistors (+84 per cent). Non-electronic NODX to Thailand increased by 24 per cent in May 2010, after the 31 rise in the previous month, due to domestic exports of petrochemicals (+144 per cent), specialised machinery (+307 per cent) and primary chemicals (+23 per cent).
3 Includes Taiwan, South Korea and Thailand.
24.
Emerging markets4 – NODX to emerging markets decreased by 17 per cent in May 2010, compared to the 32 per cent growth in the previous month. The decline in NODX to the emerging markets was because of lower shipments to Latin America and South Asia.
4 Includes Indo-China, Central Asia, South Asia, the Middle East, Latin America, the Caribbean, Eastern Europe, and North & South Africa.
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