MEDIA RELEASE
SINGAPORE'S EXTERNAL TRADE – February 20161
IMPORTANT: Unless otherwise stated, use of any information in this news
release must be attributed to International Enterprise (IE) Singapore.
To be embargoed till 08:30 am on Thursday, 17 March 2016
MR No.: 006/16
Singapore, Thursday, 17 March 2016
Highlights
•
On a year-on-year (y-o-y) basis, NODX increased by 2.1 per cent in February 2016, in
contrast to the 10.1 per cent contraction in the previous month, due to an expansion in
both electronic and non-electronic NODX.
•
On a y-o-y basis, NODX to all of the top 10 NODX markets, except Korea, Taiwan,
Thailand, Malaysia, Indonesia and China, grew in February 2016. The largest contributors
to the NODX expansion were the EU 28, Hong Kong and Japan.
•
On a y-o-y basis, NORX expanded by 2.4 per cent in February 2016, compared to the
12.1 per cent contraction in the previous month, due to an increase in non-electronic
NORX which outweighed the decline in electronic NORX.
1
Effective February 2014, data regarding the European Union (EU) shall be reported as EU 28 instead of EU 27, to
accommodate the recent accession of Croatia to the EU. All top products/countries which are stated to have contributed
towards the changes in trade figures are ranked by absolute change in level and not change in percentage.
International Enterprise Singapore is the government agency driving Singapore’s external economy.
The data in the media release is provided on an “as is” basis and is subject to updates. While every effort is
made to ensure that the data is accurate, it is provided by IE Singapore without any representation or warranty.
IE Singapore shall not be held responsible for any consequence arising from your reliance on any information
provided by us.
IE Media Release 17 March ‘16
Unless otherwise stated, use of any information in this news release must be attributed to IE Singapore
(I)
Overall Trend
1.
On a y-o-y basis, NODX grew by 2.1 per cent in February 2016, following the 10.1
per cent contraction in the previous month. On a 3-month moving average (3MMA) y-o-y basis,
NODX decreased by 5.6 per cent in February 2016, following a 7.0 per cent decline in the previous
month.
On a y-o-y basis, NODX grew by 2.1 per cent in February 2016
Per cent
NODX, y-o-y growth
20
15
3-month moving average
10
5
0
-5
-10
-15
Feb 14
2.
May
Aug
Nov
Feb 15
May
Aug
Nov
Feb 16
On a month-on-month seasonally adjusted (m-o-m SA) basis, NODX decreased by
4.1 per cent in February 2016, in contrast to the previous month’s 0.6 per cent increase, due to
the contraction in both electronic and non-electronic NODX. On a SA basis, the level of NODX
reached S$12.2 billion in February 2016, lower than the S$12.7 billion registered in the previous
month.
On a m-o-m SA basis, NODX decreased by 4.1 per cent to reach S$12.2 billion in February 2016
S$ billion
16
NODX, seasonally adj. level
15
14
13
12
11
10
Feb 14
May
Aug
Nov
Feb 15
May
Aug
Nov
Feb 16
Page 2 of 10
IE Media Release 17 March ‘16
Unless otherwise stated, use of any information in this news release must be attributed to IE Singapore
3.
On a SA basis, non-oil retained imports of intermediate goods (NORI) increased by
S$1.9 billion from S$3.7 billion in the previous month to reach S$5.6 billion in February 2016.
On a SA basis, NORI was at S$5.6 billion in February 2016
S$ billion
6
NORI, seasonally adj. level
5
4
3
2
1
Feb 14
(II)
May
Aug
Nov
Feb 15
May
Aug
Nov
Feb 16
Commentaries
(a) Performance of Key Trade Components
Total Trade
4.
On a y-o-y basis, total trade contracted by 0.6 per cent in February 2016, following the
14.5 per cent decline in the previous month. Total exports decreased by 3.0 per cent in February
2016, following the 15.1 per cent contraction in the previous month. Total imports increased by
2.2 per cent in February 2016, in contrast to the 13.7 per cent decrease in the preceding month.
5.
On a m-o-m SA basis, total trade increased by 2.8 per cent in February 2016, compared
to a 5.2 per cent decline in the previous month. On a SA basis, the level of total trade reached
S$68.2 billion in February 2016, higher than the previous month’s achievement of S$66.4 billion.
Total exports rose by 0.2 per cent in February 2016, after the 4.3 per cent decrease in the previous
month. Total imports grew by 5.9 per cent in February 2016, in contrast to the 6.2 per cent decline
in the previous month.
Page 3 of 10
IE Media Release 17 March ‘16
Unless otherwise stated, use of any information in this news release must be attributed to IE Singapore
Total trade (y-o-y) contracted by 0.6 per cent
Per Cent
20
Total Trade, year-on-year growth
(Total Exports + Total Imports)
15
10
Total Exports
5
0
-5
-10
Total Trade
-15
-20
Total Imports
-25
Feb 14
May
Aug
Nov
Feb 15
May
Total trade (m-o-m SA) increased by 2.8 per cent...
Total Trade, m-o-m SA growth
(Total Exports + Total Imports)
Per Cent
20
Aug
Nov
Feb 16
…to reach S$68.2 billion in February 2016
Total Trade, seasonally adj. level
(Total Exports + Total Imports)
S$ billion
100
Total Exports
15
90
Total Trade
80
10
Total Imports
70
60
5
50
0
Total Exports
40
30
-5
Total Imports
20
Total Trade
-10
Feb
14
May
Aug
Nov
10
Feb
15
May
Aug
Nov
Feb
16
Feb
14
May
Aug
Nov
Feb
15
May
Aug
Nov
Non-oil Domestic Exports (NODX)
6.
On a y-o-y basis, NODX grew by 2.1 per cent in February 2016, in contrast to the
10.1 per cent decline in the previous month, due to an expansion in both electronic and
non-electronic NODX.
7.
Electronic products. On a y-o-y basis, electronic NODX increased by 0.7 per cent in
February 2016, compared to a 0.6 per cent decline in the previous month. The rise in electronic
domestic exports was largely due to disk media products (+20.9 per cent), telecommunications
equipment (+23.5 per cent) and PCs (+9.9 per cent).
Page 4 of 10
Feb
16
IE Media Release 17 March ‘16
Unless otherwise stated, use of any information in this news release must be attributed to IE Singapore
8.
Non-electronic products. On a y-o-y basis, non-electronic NODX expanded by
2.7 per cent in February 2016, in contrast to the 14.1 per cent decline in the previous month. The
increase in non-electronic NODX was led by pharmaceuticals (+40.0 per cent), non-monetary gold
(+94.0 per cent) and jewellery (+55.6 per cent).
Electronic NODX increased by 0.7 per cent
…while non-electronic NODX expanded by
in February 2016 …
2.7 per cent
SA level NODX by Products: Electronics
(S$billion)
6
Per Cent
(Y-o-Y)
30
4
20
2
10
0
0
-2
-10
-4
-20
SA level NODX by Products: Non-Electronics Per Cent
(S$billion)
(Y-o-Y)
12
40
9
30
6
20
3
10
0
0
-3
-10
-6
% Growth (RHS)
-30
-6
Feb May Aug Nov
14
Feb May Aug Nov
15
Feb
16
-20
% Growth (RHS)
-9
-30
-12
-40
Feb
14
May Aug Nov
Feb
15
May Aug Nov
Feb
16
Oil Domestic Exports
9.
On a y-o-y basis, oil domestic exports decreased by 27.2 per cent in February 2016, after
the preceding month’s 34.3 per cent contraction. The y-o-y decline of oil domestic exports was
mainly due to lower sales to Australia (-54.5 per cent), Indonesia (-26.2 per cent) and Panama
(-35.6 per cent). In volume terms, oil domestic exports grew by 20.5 per cent in February 2016, in
contrast to the 5.5 per cent decrease in the previous month. On a m-o-m SA basis, oil domestic
exports contracted by 5.7 per cent in February 2016, following the 15.1 per cent decline in the
previous month.
Non-oil Re-exports (NORX)
10.
On a y-o-y basis, NORX rose by 2.4 per cent in February 2016, compared to the
12.1 per cent decline in the previous month, due to an increase in non-electronic NORX which
outweighed the contraction in electronic NORX. On a 3MMA y-o-y basis, NORX contracted by
3.5 per cent in February 2016, following a 3.5 per cent decrease in the preceding month.
Page 5 of 10
IE Media Release 17 March ‘16
Unless otherwise stated, use of any information in this news release must be attributed to IE Singapore
On a y-o-y basis, NORX rose by 2.4 per cent in February 2016
Per cent
NORX, y-o-y growth
28
23
18
3-month moving average
13
8
3
-2
-7
-12
-17
Feb 14
11.
May
Aug
Nov
Feb 15
May
Aug
Nov
Feb 16
On a y-o-y basis, electronic NORX decreased by 2.0 per cent in February 2016, following
the 15.0 per cent decline in the previous month. The contraction in electronic NORX was due to
ICs (-2.8 per cent), telecommunications equipment (-13.1 per cent) and parts of PCs
(-13.9 per cent).
12.
On a y-o-y basis, non-electronic NORX expanded by 7.6 per cent in February 2016,
compared to the 8.5 per cent decline in the previous month. The increase in non-electronic NORX
was due to pharmaceuticals (+43.5 per cent), alcoholic beverages (+48.6 per cent) and personal
beauty products (+30.7 per cent).
13.
On a m-o-m SA basis, NORX grew by 4.1 per cent in February 2016, in contrast to the 3.4
per cent contraction in the previous month, due to an increase in both electronic and
non-electronic NORX. On a SA basis, the level of NORX reached S$19.5 billion in February 2016,
higher than the S$18.8 billion registered in the preceding month.
On a m-o-m SA basis, NORX grew by 4.1 per cent to reach S$19.5 billion in February 2016
NORX, seasonally adj. level
S$ billion
21
20
19
18
17
16
15
14
13
12
Feb 14
May
Aug
Nov
Feb 15
May
Aug
Nov
Feb 16
Page 6 of 10
IE Media Release 17 March ‘16
Unless otherwise stated, use of any information in this news release must be attributed to IE Singapore
14.
NORX to all of the top 10 NORX markets, except Taiwan, China, the US, Japan and
Thailand, increased in February 2016. The top three contributors to the NORX growth in February
2016 were Hong Kong (+12.0 per cent), South Korea (+25.3 per cent) and Indonesia
(+9.5 per cent).
(b) Non-Oil Domestic Export Markets
Overview2
15.
NODX to all of the top 10 NODX markets, except South Korea, Taiwan, Thailand,
Malaysia, Indonesia and China, grew in February 2016. The top contributors to the NODX growth
in February 2016 were the EU 28, Hong Kong and Japan.
The EU 28 was the top contributor to the
NODX increase in February 2016 …
SA level
(S$billion)
NODX by Market: EU 28
… followed by Hong Kong and Japan.
Per Cent
(Y-o-Y)
2.5
70
60
2.0
50
1.5
40
1.0
30
0.5
0.0
% Growth (RHS)
-1.5
Feb May Aug Nov
14
16.
-40
Feb May Aug Nov
15
20
0
-30
Japan
30
10
-20
-1.0
40
10
-10
NODX by Markets: Hong Kong and Japan
50
20
0
-0.5
Per Cent
-10
-20
-30
Hong Kong
-40
Feb
16
Feb
14
May
Aug
Nov
Feb
15
May
Aug
Nov
NODX to the EU 28 expanded by 16.1 per cent in February 2016, following the previous
month’s increase of 14.3 per cent, led by pharmaceuticals (+23.5 per cent), aircraft parts
(+102.7 per cent) and miscellaneous manufactured articles (+69.9 per cent). NODX to Hong Kong
rose by 21.9 per cent in February 2016, in contrast to the 9.6 per cent decline in the preceding
month, due to jewellery (+116.4 per cent), ICs (+9.4 per cent) and specialised machinery
(+273.1 per cent). NODX to Japan grew by 15.1 per cent in February 2016, compared to the
9.3 per cent decline in the preceding month, due to pharmaceuticals (+103.5 per cent), specialised
machinery (+69.2 per cent) and ICs (+17.0 per cent).
2
All growth rates quoted in the following analysis refer to year-on-year growth rates unless otherwise stated.
Page 7 of 10
Feb
16
IE Media Release 17 March ‘16
Unless otherwise stated, use of any information in this news release must be attributed to IE Singapore
Non-oil Domestic Exports to Top Markets (% Growth)
NODX
Electronic NODX
Non-Electronic NODX
Top Market
17.
Jan 2016
Feb 2016
Jan 2016
Feb 2016
Jan 2016
Feb 2016
EU 28
14.3
16.1
25.1
-2.5
12.4
19.9
Hong Kong
-9.6
21.9
-11.0
16.2
-6.2
30.8
Japan
-9.3
15.1
13.6
16.6
-16.9
14.5
US
-5.1
4.2
5.6
-0.3
-9.1
5.9
China
-25.2
-1.2
-10.1
11.4
-31.8
-6.4
Indonesia
-11.4
-5.9
-8.6
22.8
-11.7
-9.3
Malaysia
1.5
-4.9
32.1
13.9
-14.1
-14.3
Thailand
-1.3
-9.2
2.3
-4.6
-3.8
-11.9
Taiwan
-26.5
-14.4
-33.3
-22.9
-12.8
5.0
South Korea
-14.8
-26.5
-11.9
-13.4
-16.3
-31.8
Emerging markets3 – NODX to emerging markets increased by 5.0 per cent in February
2016, in contrast to the 19.2 per cent decrease in the previous month. The rise in NODX to the
emerging markets was due mainly to the Caribbean (+2,308.4 per cent), CLMV (+23.6 per cent)
and the Eastern & Southern Europe (non-EU) (+28.3 per cent).
_____________________________________
For media enquiries, please contact:
Ms Daphne Hi, Senior Manager, Corporate Communications Group, IE Singapore
Tel: +65 6433 4488
Fax: +65 6337 6898
Email: daphne_hi@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.
3
Consisting of the Caribbean, Central Asia, CLMV (Cambodia, Laos, Myanmar and Viet Nam), Eastern &
Southern Europe (non-EU), Latin America, the Middle East, South Asia and South Africa; the list of emerging
markets has been updated.
Page 8 of 10
IE Media Release 17 March ‘16
Unless otherwise stated, use of any information in this news release must be attributed to IE Singapore
StatLink
Online reports listing 5-year data (values & volumes) on Singapore's trade in terms of countries
and commodities
https://statlink.iesingapore.gov.sg
About International Enterprise Singapore
International Enterprise (IE) Singapore is the government agency driving Singapore’s external
economy. We spearhead the overseas growth of Singapore-based companies and promote
international trade. Our vision is a thriving business hub in Singapore with Globally Competitive
Companies and leading international traders.
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Singapore. Today, Singapore is a thriving trading hub with a complete ecosystem for the energy,
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Through our Global Company Partnership and Market Readiness Assistance, we also work with
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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.
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Page 10 of 10