As per authentic sources, Singapore’s non-oil domestic exports increased by 6% in July, which was higher than the expected hike. It is claimed that the upsurge in export activities is supported by increasing shipments of specialized machinery, non-monetary gold, pharmaceuticals, and electronics.
According to the Enterprise Singapore, the data represented a decline from the revised 13.9 percent increase in June, but was higher than the 4.3% as estimated by economists. On a monthly basis, NODX (non-oil domestic exports) increased by 1.2 percent in July following the drop of 1.4 percent in the previous month.
Reportedly, electronic shipments experienced 2.8% increase since 2019, which was primarily fueled by the high export activities of disk media products which had risen by 23%. Meanwhile, the export of telecommunications equipment and integrated circuits spiked by 18.2% and 1.5% respectively.
The non-electronic exports rose by 6.9 percent on a yearly basis, which was bolstered by demand for specialized machinery, non-monetary gold, and pharmaceuticals. In fact, non-monetary gold exports witnessed a 227.9% whereas pharmaceutical exports spiked by 15.5%.
Sources also claimed that exports of specialized machinery rose by 60.1% in July since last year. Exports to the top 10 markets also witnessed expansion with Indonesia, Hong Kong, Thailand, China, and the EU 27 being an exception.
In this context, Singapore shipments to the United States witnessed the highest growth rate of over 98.7%, owing to the high demand for disk media products, non-monetary gold, and food preparations. Alternatively, South Korea experienced a 56.3% growth, which can be attributed to increasing shipments of pharmaceuticals, specialized machinery, and miscellaneous manufactured goods.
On the contrary, the non-oil domestic exports to emerging markets dropped by 22%, sources cited. Shipments to the Caribbean dropped by 56.4% which was followed by South Asia and Middle East with over 29.9% and 22.7% drops respectively.
Source credits-
https://www.channelnewsasia.com/news/business/singapore-exports-nodx-grow-july-2020-13026290