Singapore’s non-oil exports (NOX), which include both non-oil domestic exports (NODX) and non-oil re-exports (NORX), grew year-on-year by 5.7% in the second quarter of 2017, extending the preceding quarter’s 10.2% expansion, according to International Enterprise (IE) Singapore.
On a quarter-on-quarter seasonally adjusted basis, NOX decreased by 0.1% in the second quarter, following the 4.1% growth in the previous quarter.
NODX rose by 2.7% in 2Q 2017 year-on-year, following the 15.3% expansion in the previous quarter, on increased shipments of electronic products which outweighed the decrease in non-electronics.
Non-oil domestic exports to all top markets rose during the period compared to the same time last year, except the EU 28, Hong Kong, and the U.S.
On a quarter-on-quarter seasonally adjusted basis, NODX decreased by 4.2% in 2Q 2017, after the 9.2% increase in the first quarter of 2017, due to the decline in non-electronic NODX which outweighed the rise in electronics.
Year-over-year, NORX increased by 8.0% in April-June 2017, following the 6.8% growth in the previous quarter. The increase can be attributed to the higher shipments of both electronic and non-electronic re-exports.
NORX to all top markets, except South Korea, increased during the period under review.
On a quarter-on-quarter seasonally adjusted basis, NORX rose by 3.0% in the second quarter of the year, after the previous quarter’s 0.7% increase. Electronic re-exports grew by 3.3%, following the previous quarter’s 2.6% increase. Non-electronic NORX rose by 2.7% in 2Q 2017, after the 1.1% decline in 1Q 2017.
Singapore’s non-oil trade rose by 5.9% in the second quarter of the year, following the previous quarter’s 6.9% increase. On a quarter-on-quarter seasonally adjusted basis, non-oil trade increased slightly by 0.5% in 2Q 2017.
HK goods exports up 7.2% in H1
On the other hand, the volume of total exports of goods from Hong Kong increased 7.2% in the first half of 2017 from a year ago, while the volume of imports of goods rose 7.7%, the Census and Statistics Department (C&SD) said.
Re-exports of goods went up 7.3% for the first half of this year, while domestic exports added 0.5%, the C&SD said.
In June 2017, the volume of total exports of goods climbed 9.1%, with re-exports up 9.2% and domestic exports up 1.2%, the C&SD said.
Concurrently, the volume of imports of goods in June increased 8.2%.
Comparing the second quarter of 2017 with the preceding quarter on a seasonally adjusted basis, the volume of total exports of goods increased 1.0%.
On the other hand, the volume of imports of goods decreased 1.1%.
Photo: Gwan Kho
