Singapore Non-Oil Exports Spike 8.2% On Month In February

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The value of non-oil domestic exports (NODX) in Singapore climbed a seasonally adjusted 8.2 percent on month in February, Enterprise Singapore said on Wednesday.

That beat forecasts for a decline of 1.0 percent following the downwardly revised 6.9 percent increase in January (originally 7.0 percent).

On a yearly basis, exports gained 4.2 percent – shy of expectations for 6.6 percent following the downwardly revised 12.7 percent increase in the previous month (originally 12.8 percent).

Total trade was down 3.3 percent on year after slipping 1.9 percent in January.

Total exports declined by 2.0 percent in February 2021, after the previous month’s 1.1 percent rise. Total imports decreased by 4.6 percent in February 2021, following the 5.2 percent decline in January 2021.

Total trade was up 6.0 percent on month to S$91.8 billion in February after rising 5.7 percent to S$86.6 billion in January.

Total exports rose by 6.3 percent in February 2021, after the 5.2 percent growth in January 2021. Total imports grew by 5.7 percent in February 2021, following the 6.3 percent increase in January 2021.

The level of NODX reached S$16.7 billion in February 2021, higher than the previous month’s S$15.4 billion.

On a yearly basis, oil domestic exports tumbled 28.0 percent in February, following the 37.8 percent contraction in the preceding month. Lower exports to the EU 27 (-59.8 percent), Hong Kong (-42.9 percent) and Malaysia (-26.2 percent) contributed to the annual contraction of oil domestic exports.

In volume terms, oil domestic exports dropped 29.6 percent in February following the 27.7 percent decline in the previous month. On a monthly basis, oil domestic exports grew by 6.4 percent in February following the 6.2 percent increase in January.

The material has been provided by InstaForex Company – www.instaforex.com

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