Singapore`s External Trade – March 2012

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Singapore's External Trade – March 2012
Highlights
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On a year-on-year (y-o-y) basis, non-oil domestic exports (NODX) decreased by 4.3 per cent in March 2012, in
contrast to the 30 per cent rise in the previous month, due to a decline in non-electronic NODX which
outweighed the expansion in electronic NODX.
On a y-o-y basis, NODX to China (-0.9 per cent) decreased in March 2012 while NODX to South Korea (+34 per
cent), Hong Kong (+15 per cent), the EU 27 (+4.5 per cent), Malaysia (+5.2 per cent), Japan (+6.2 per cent), the
US (+4.0 per cent), Taiwan (+4.0 per cent), Indonesia (+2.6 per cent) and Thailand (+0.9 per cent) increased.
On a y-o-y basis, non-oil re-exports (NORX) contracted by 1.0 per cent in March 2012, compared to the 18 per
cent expansion in the previous month, due to a decline in electronic NORX which outweighed the increase in
non-electronic NORX.
* In tandem with the use of a new set of tariff codes for the classification of all goods traded within and outside ASEAN
from January 2012 onwards i.e. ASEAN Harmonised Tariff Nomenclature (AHTN) 2012, IE Singapore has also reviewed
and revised Singapore’s International Trade Classification (SITC) from revision 4 to revision 4.1 so that the mappings from
AHTN 2012 codes to SITC codes are current. The revised SITC codes follow closely to the United Nations Statistical
Commission’s Standard International Trade Classification, Revision 4 manual. The electronics definition has also been
revised to include disk media products which are previously classified under non-electronics.
Overall Trend
1.
On a y-o-y basis, NODX contracted by 4.3 per cent in March 2012, in contrast to the 30 per cent increase in the
previous month. On a 3-month moving average (3MMA) y-o-y basis, NODX expanded by 6.1 per cent in March
2012, following the 11 per cent increase in the previous month.
2.
On a month-on-month seasonally adjusted (m-o-m SA) basis, NODX decreased by 17 per cent in March 2012,
compared to the previous month’s expansion of 7.2 per cent, due to a decline in both electronic and non-electronic
NODX. On a SA basis, the level of NODX reached S$14 billion in March 2012, lower than the S$17 billion registered
in the previous month.
3.
On a SA basis, non-oil retained imports of intermediate goods2 (NORI) increased by S$326 million from S$5,604
million in February 2012 to S$5,930 million in March 2012.
(II) Commentaries
(a)
Performance of Key Trade Components
Total Trade
4.
On a y-o-y basis, total trade contracted marginally by 0.9 per cent in March 2012, in contrast to the 26 per cent
increase in the previous month. Total exports declined by 2.2 per cent in March 2012, compared to the previous
month’s 25 per cent expansion. Total imports increased marginally by 0.6 per cent in March 2012, following the 27
per cent rise in the preceding month.
5.
On a m-o-m SA basis, total trade contracted by 2.3 per cent in March 2012, following the 4.8 per cent decrease in
the previous month. On a SA basis, the level of total trade reached S$84 billion in March 2012, lower than the
previous month’s achievement of S$86 billion. Total exports declined by 7.7 per cent in March 2012, in contrast to
the previous month’s 1.6 per cent increase. Total imports rose by 4.1 per cent in March 2012, in contrast to the 11
per cent decline in the preceding month.
Non-oil Domestic Exports (NODX)
6.
On a y-o-y basis, NODX declined by 4.3 per cent in March 2012, in contrast to the 30 per cent increase in the
previous month, due to a contraction in non-electronic NODX which outweighed the expansion in electronic NODX.
7.
Electronic products. On a y-o-y basis, electronic NODX grew by 2.8 per cent in March 2012, following the previous
month’s 23 per cent expansion. The increase in electronic domestic exports was largely due to higher exports of ICs
(+9.3 per cent), telecommunications equipment (+50 per cent) and disk media products (+17 per cent).
8.
Non-electronic products. On a y-o-y basis, non-electronic NODX contracted by 7.8 per cent in March 2012,
compared to the 34 per cent increase in the previous month. The decrease in non-electronic NODX was due to
lower exports of structures of ships & boats (-99 per cent), petrochemicals (-13 per cent) and primary chemicals (15 per cent).
Oil Domestic Exports
9.
On a y-o-y basis, oil domestic exports expanded by 9.7 per cent in March 2012, after the preceding month’s 36 per
cent increase. The y-o-y growth of oil domestic exports was mainly due to higher sales to Malaysia (+26 per cent),
Indonesia (+34 per cent) and Australia (+26 per cent). In volume terms, oil domestic exports increased by 1.4 per
cent in March 2012, following the 18 per cent expansion in the previous month. On a m-o-m SA basis, oil domestic
exports decreased by 2.3 per cent in March 2012, following a contraction of 1.1 per cent in the previous month.
Non-oil Re-exports (NORX)
10.
On a y-o-y basis, NORX declined by 1.0 per cent in March 2012, in contrast to the 18 per cent expansion in the
previous month, due to a decrease in electronic NORX which outweighed the expansion in non-electronic NORX.
On a 3MMA y-o-y basis, NORX rose by 1.8 per cent in March 2012, following the marginal 0.6 per cent growth in
the preceding month.
11.
On a m-o-m SA basis, NORX contracted by 2.2 per cent in March 2012, following the 2.7 per cent decrease in the
previous month, due to a decline in non-electronic NORX which outweighed the rise in electronic NORX. On a SA
basis, the level of NORX reached S$17 billion in March 2012, identical to the previous month’s achievement.
12.
On a y-o-y basis, electronic NORX contracted by 5.5 per cent in March 2012, in contrast to the 8.0 per cent increase
in the previous month. The decline in electronic NORX was due to lower shipments of parts of PCs (-19 per cent),
telecommunications equipment (-25 per cent) and ICs (-2.6 per cent).
13.
On a y-o-y basis, non-electronic NORX rose by 4.0 per cent in March 2012, following the 28 per cent increase in the
previous month. The increase in non-electronic NORX was due to higher exports of petrochemicals (+28 per cent),
aircraft parts (+32 per cent) and aluminium (+326 per cent).
14.
While NORX to Indonesia, China and Japan expanded in March 2012, the contraction in NORX was mainly led by
India (-20 per cent), Malaysia (-6.6 per cent), the EU 27 (-9.1 per cent), Hong Kong (-1.9 per cent), South Korea (-4.6
per cent), the US (-2.8 per cent) and Thailand (-0.5 per cent).
(b) Non-Oil Domestic Export Markets
Overview3
15.
On a y-o-y basis, NODX to China decreased in March 2012 while NODX to South Korea, Hong Kong, the EU 27,
Malaysia, Japan, the US, Taiwan, Indonesia and Thailand increased. Among the top market countries, China (-0.9
per cent) was the top contributor to the NODX contraction in March 2012.
16.
NODX to the China contracted by a marginal 0.9 per cent in March 2012, in contrast to the previous month’s
expansion of 21 per cent, led by parts of ICs (-72 per cent), petrochemicals (-9.2 per cent) and food preparations (45 per cent).
17.
2
Emerging markets4 – NODX to emerging markets decreased by 43 per cent in March 2012, in contrast to the 29 per
cent expansion in the previous month. The decline in NODX to the emerging markets was due mainly to the
Caribbean.
NORI is a coincident indicator for NODX.
All growth rates quoted in the following analysis refer to year-on-year growth rates unless otherwise stated.
4Consisting of the Caribbean, Central Asia, CLMV, Eastern & Southern Europe (non-EU), Latin America, the Middle East,
South Asia and South Africa; the list of emerging markets has been updated.
3
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