Singaporean trade surplus increased to SGD 5.18 billion in February of 2015 from SGD 4.28 billion a year earlier, as exports fell at a slower pace than imports. Yet, non-oil exports declined more than expected as both electronic and non-electronic shipments contracted.
Total exports declined 16.1 percent to SGD 33.86 billion, following a 1.6 percent contraction in January.
3/17/2015 3:17:32 AM
Singapore Trade Surplus Largest Since December 2011
Singaporean trade surplus increased to SGD 8.50 billion in January of 2015 from SGD 3.96 billion a year earlier as imports declined more than exports.
Published on 2015-02-17
Singapore Trade Surplus Widens in December
Singaporean trade surplus increased to SGD 4.46 billion in December of 2014 from SGD 4.22 billion a year earlier as imports declined more than exports. Yet, non-oil exports rose more than expected as both electronic and non-electronic shipments rebounded.
Published on 2015-01-16
Non-oil domestic exports (NODX) surprisingly decreased by 9.7 percent in January, as compared to a 4.3 percent growth in the previous month, due to a decline in both electronic and non-electronic NODX. Electronic sales decreased by 12.5 percent, after a 5.0 percent growth in the preceding month, largely due to parts of ICs (-68.2 percent), parts of PCs (-33.7 percent) and ICs (-4.4 percent). Non-electronic NODX contracted by 8.5 percent, reversing from a 4.0 percent increase in January, largely due to a decline in petrochemicals (-30.9 percent), pharmaceuticals (-22.4 percent) and primary chemicals (-24.3 percent).
Oil exports fell 46.7 percent, following a 33.3 percent contraction a month ago. The year-on-year decline of oil exports was mainly due to lower sales to Malaysia (-54.1 percent), the EU countries (-76.4 percent) and Indonesia (-54.9 percent).
Non-oil re-exports (NORX) rose by 0.9 percent in February, following a 12.7 percent expansion in the previous month, due to an increase in electronic NORX, which outweighed a decrease in non-electronic NORX. Electronic NORX increased by 4.6 percent following a 23.5 percent rise in the preceding month, due to telecommunications equipment (+53.9 percent), ICs (+3.2 percent) and disk media products (+42.3 percent). Non-electronic NORX decreased by 3.0 percent in February, reversing from a 2.0 percent growth in the previous month, largely due to a decline in civil engineering equipment parts (-25.8 percent), primary chemicals (-48.5 percent) and electrical circuit apparatus (-21.6 percent).
NODX to top ten markets in February decreased on an annual basis except for South Korea, the US, Thailand and Malaysia. The top three contributors to the decline were China, Japan and Taiwan. NODX to China fell by 22.7 percent, in contrast to a 4.5 percent growth in the previous month, led by petrochemicals (-38.7 percent), primary chemicals (-37.4 percent)and disk media products (-52.0 percent). NODX to Japan declined by 24.6 percent, following a 10.7 percent drop in January, due to printed matter (-90.4 percent), pharmaceuticals (-35.8 percent) and diodes & transistors (-66.2 percent). Those to Taiwan fell by 22.3 percent, in contrast to a 1.5 percent growth in the preceding month, due to ICs (-15.3 percent), specialised machinery (-67.5 percent) and petrochemicals (-56.6 percent). NODX to emerging markets contracted by 17.5 percent in February, in contrast to a 11.6 percent expansion in the previous month, mainly due to Caribbean (-93.1 percent), Latin America (-17.0 percent) and CLMV (-11.1 per cent).
NORX to top ten markets rose except to Indonesia, Hong Kong, Malaysia and Japan. The top three contributors in the month were China (+12.7 percent), the US (+28.1 percent) and Taiwan (+34.5 percent).
Year-on-year, imports decreased by 20.5 percent to SGD 28.68 billion in February, following a 13.4 percent fall in the previous month.
In January, Singapore posted a SGD 8.50 billion surplus, the largest since December 2011.