On a year-on-year (y-o-y) basis, NODX declined by 16.3 per cent in December 2012, following the 2.6 per cent decrease in the previous month, due to both electronic and non-electronic NODX.
On a y-o-y basis, NODX to all of the top 10 NODX markets contracted in December 2012. The top three contributors to the NODX decline in December 2012 were the US, Malaysia and South Korea.
On a y-o-y basis, NORX decreased by 8.5 per cent in December 2012, after the 3.6 per cent contraction 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 16.3 per cent in December 2012, following the 2.6 per cent decrease in the previous month. On a 3-month moving average (3MMA) y-o-y basis, NODX declined by 4.2 per cent in December 2012, in contrast to the 0.4 per cent increase in the previous month.
2.
On a m-o-m SA basis, NODX rose by 1.8 per cent in November 2012, in contrast to the previous month’s 0.4 per cent decrease, due to the expansion in non-electronic NODX which outweighed the decline in electronic NODX. On a SA basis, the level of NODX continued to remain at S$14 billion in December 2012.
3.
On a SA basis, non-oil retained imports of intermediate goods2 (NORI) increased by S$616 million from S$5,358 million in the previous month to reach S$5,974 million in December 2012.
(II) Commentaries
(a)
Performance of Key Trade Components
Total Trade
4.
On a y-o-y basis, total trade contracted by 8.2 per cent in December 2012, following the 3.6 per cent decrease in the previous month. Total exports declined by 13.8 per cent in December 2012, following the 2.8 per cent contraction in the previous month. Total imports decreased by 1.5 per cent in December 2012, following the 4.5 per cent decline in the preceding month.
5.
On a m-o-m SA basis, total trade contracted by 5.5 per cent in December 2012, following the 0.6 per cent decrease in the previous month. On a SA basis, the level of total trade declined to S$76 billion in December 2012 from S$81 billion in the preceding month. Total exports decreased by 3.9 per cent in December 2012, after a 0.5 per cent decline in the previous month. Total imports contracted by 7.2 per cent in December 2012, following a 0.7 per cent decrease in the previous month.
Non-oil Domestic Exports (NODX)
6.
On a y-o-y basis, NODX decreased by 16.3 per cent in December 2012, following the 2.6 per cent contraction in the previous month, due to a decline in both electronic and non-electronic domestic exports.
7.
Electronic products. On a y-o-y basis, electronic NODX contracted by 19.1 per cent in December 2012, after the 16.5 per cent decline in the previous month. The decrease in electronic domestic exports was largely due to ICs (-23.4 per cent), parts of PCs (-32.9 per cent) and disk media products (-27.3 per cent).
8.
Non-electronic products. On a y-o-y basis, non-electronic NODX contracted by 14.8 per cent in December 2012, compared to the 6.1 per cent increase in the previous month. The decrease in non-electronic NODX was led by structures of ships & boats (-97.7 per cent), pharmaceuticals (-11.5 per cent) and specialised machinery (-24.4 per cent).
Oil Domestic Exports
9.
On a y-o-y basis, oil domestic exports declined by 10.4 per cent in December 2012 after the preceding month’s 1.5 per cent rise. The y-o-y contraction of oil domestic exports was mainly due to lower sales to Malaysia (-28.7 per cent), Hong Kong (-20.9 per cent) and Panama (-20.9 per cent). In volume terms, oil domestic exports declined by 4.8 per cent in December 2012, following the 8.9 per cent expansion in the previous month. On a m-o-m SA basis, oil domestic exports decreased by 7.4 per cent in December 2012, after the 2.9 per cent decline in the previous month.
Non-oil Re-exports (NORX)
10.
On a y-o-y basis, NORX contracted by 8.5 per cent in December 2012, after the 3.6 per cent decrease in the previous month, due to the decline in both electronic and non-electronic NORX. On a 3MMA y-o-y basis, NORX decreased by 5.5 per cent in December 2012, following a 2.9 per cent contraction in the preceding month.
11.
On a m-o-m SA basis, NORX contracted by 4.6 per cent in December 2012, in contrast to the 0.8 per cent expansion in the previous month, due to the decline in both electronic and non-electronic NORX. On a SA basis, the level of NORX reached S$16 billion in December 2012, down from the S$17 billion registered in the previous month.
12.
On a y-o-y basis, electronic NORX decreased by 0.9 per cent in December 2012, compared to the 1.7 per cent rise in the previous month. The contraction in electronic NORX was due to parts of PCs (-25.9 per cent), PCs (-24.8 per cent) and consumer electronics (-13.3 per cent).
13.
On a y-o-y basis, non-electronic NORX declined by 15.9 per cent in December 2012, after the 8.6 per cent decrease in the previous month. The contraction in non-electronic NORX was due to civil engineering equipment parts (-52.4 per cent), petrochemicals (-29.0 per cent) and personal beauty products (-42.0 per cent).
14.
NORX to all of the top 10 NORX markets, except Hong Kong, Thailand and China, decreased in December 2012. The top three contributors to the NORX contraction in December 2012 were Indonesia (-20.5 per cent), Japan (-28.9 per cent) and the EU 27 (-16.6 per cent).
On a y-o-y basis, NODX to all of the top 10 NODX markets declined in December 2012. The top three contributors to the NODX contraction in December 2012 were the US, Malaysia and South Korea.
16.
NODX to the US decreased by 27.7 per cent in December 2012, following the previous month’s 7.0 per cent decline, led by specialised machinery (-59.6 per cent), ICs (-32.6 per cent) and parts of PCs (-42.6 per cent). NODX to Malaysia contracted by 19.9 per cent in December 2012 after the 16.7 per cent decrease in the preceding month, due to ICs (-41.4 per cent), parts of ICs (-71.8 per cent) and civil engineering equipment parts (-30.2 per cent). NODX to South Korea declined by 26.8 per cent in December 2012, following the previous month’s 0.6 per cent contraction, led by specialised machinery (-73.6 per cent), parts of PCs (-53.5 per cent) and petrochemicals (-41.4 per cent).
17.
Emerging markets4 - NODX to emerging markets declined by 43.1 per cent in December 2012, compared to the 6.8 per cent expansion in the previous month. The contraction in NODX to the emerging markets was due mainly to Latin America, South Asia and CLMV.
1 Definitions for certain product categories have been revised for reports containing data from July 2010 onwards. The revised definitions follow international guidelines.
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
For media enquiries, please contact: Ms Aw Xiuxing, Senior Manager, Corporate Communications Group, IE Singapore Tel: +65 6433 4722 Fax: +65 6337 8136 Email:aw_xiuxing@iesingapore.gov.sg
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.
About International Enterprise Singapore International Enterprise (IE) Singapore is the government agency driving Singapore’s external economy. We promote international trade and spearhead the overseas growth of Singapore-based companies to grow Globally Competitive Companies.
IE Singapore attracts global commodities traders to establish their home base in Singapore. Today, Singapore is a thriving trading hub for the energy, agri-commodities and metals & minerals trading clusters.
Through our Global Company Partnership, we work with Singapore-based companies to customise total solutions in capability building, market access and financing for their internationalisation.
Our global network of overseas centres in over 35 locations provides the necessary connections in many developed and emerging markets. Visit www.iesingapore.com for more information.
login, click here.
