Singapore’s economy continues to lead the COVID economic recovery in the South East Asia region.
One of the nation’s most important economic data points, non-oil domestic exports (NODX), rose by 2.7% year-on-year in August according to offical data released on Friday by Enterprise Singapore.
While the growth in Singapore’s NODX marked the 9th consecutive month of expansion, the August number was subdued compared to recent months, in which double-digital year-on-year growth reflected the exports plunge resulting from the first COVID-19 wave in 2020.
On a 3-month moving average year-on-year basis, NODX grew by 10.2% in August 2021, following the 12.4% expansion in July 2021.
Electronics power Singapore exports
A closer look into the Singapore exports data for August shows non-electronics exports actually declined on a year-on-year basis, however electronics exports expanded significantly.
Here’s a split of Singapore’s major electronics exports during the month of August (year-on-year):
- Parts of integrated circuits +116.6%
- Diodes & transistors +35.5%
- Integrated circuits +20.2
Non-electronic exports declined by 1.4% in August, on a year-on-year basis. The biggest contributors to the fall include:
- Non-monetary gold -66.4%
- Food preparations -27.1%
- Pharmaceuticals -12.4%
Singapore’s key export markets
Taiwan continues to be the biggest growth market for Singapore.
Non-oil exports to Taiwan grew by 50.6% in August 2021, following a 37.0% rise in July.
The key products being exported to Taiwan include specialised machinery, integrated circuits and measuring instruments.
Exports to Hong Kong, Malaysia, Thailand, South Korea, India and Japan all saw double-digit year-on-year growth in August.
However, exports to China was the anomaly, with a -17.5% decline.
Domestic exports are classified as primary commodities grown or produced in Singapore, along with goods with imported material or parts that have been transformed in Singapore (ie. manufactured, assembled or processed).