Year-on-year, total exports decreased by 4.0 percent to SGD41.92 billion, following a 6.2 percent contraction in the previous month.
Non-oil Domestic Exports (NODX) declined by 0.8 percent in July 2015, compared to 1 4.5 percent increase in the previous month, due to a contraction in non-electronic NODX which outweighed a growth in electronic NODX. Electronic NODX grew by 2.3 percent, following a 7.6 percent increase in the previous month, largely due to PCs (+74.3 percent), telecommunications equipment (+86-6 percent) and diodes & transistors (+21.7 percent).
ICs (+10.8 percent). Non-electronic NODX decreased by 2.1 percent in July, following a 3.3 percent increase in the preceding month, mainly due to structures of ships & boats (-98.3 percent, printed matter (-51.8 percent) and primary chemicals (-22.1 percent).
NODX to all of the top ten NODX markets decreased, except to Hong Kong, South Korea and Thailand. The top three contributors to the decline were Japan (-10.2 percent), Taiwan (-3.5 percent) and China (-1.6 percent). Meanwhile NODX to emerging markets contracted by 2.1 percent, following a 6.6 percent decline in the previous month, mainly to the Carribean (-89.5 percent), Latin America (-7.9 percent) and South Asia (-0.9 percent).
Oil exports decreased by 20.6 percent, following the preceding month’s 25.3 percent contraction, mainly due to lower sales to Malaysia (-22.1 percent), the EU (-44.6 percent) and Australia (-41.8 percent). In volume terms, oil domestic exports increased by 22.2 percent, compared to a 10.6 percent expansion in the preceding month.
Non-oil re-exports (NORX) increased by 5.0 percent, after a 1.0 percent growth in the previous month, due to an expansion in both electronic and non-electronic NORX.
NORX to all of the top ten NORX markets increased in July except the EU and Indonesia. The top three contributors to the NORX rise were Taiwan (+29.8 percent), the US (+14.6 percent) and Hong Kong (+4.9 percent).
Imports decreased by 9.2 percent to SGD35.96 billion in July, following a 4.5 percent rise in the preceding month.
In June, Singapore posted a revised SGD5.88 billion surplus.