In October 2022, analysts already indicated that they expect to see a slowdown in Singapore’s NODX for the rest of the year after NODX growth in September 2022 fell below expectations.
In December, electronic NODX fell by 17.9% y-o-y as integrated circuits (ICs), disk media products and parts of personal computers (PCs) led the decline, dipping by 26.0%, 36.5% and 41.7% respectively.
Non-electronic NODX also fell by 21.3% y-o-y for the month of December with non-monetary gold (-63.3%), specialised machinery (-16.6%) and primary chemicals (-55.6%) contributing the most to the decline.
Overall, NODX grew by 3.0% in 2022.
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On a m-o-m seasonally adjusted basis, NODX declined by 3.1% to $13.9 billion.
NODX to the top 10 markets
NODX to the top 10 markets as a whole declined in December, with China (-31.8%), Indonesia (-35.4%) and Hong Kong (-34.6%) being the largest contributors to the drop. However, NODX to South Korea and Japan rose during the month.
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NODX to China fell due to the declines in specialised machinery (-44.0%), pharmaceuticals (-84.2%) and primary chemicals (-65.7%) while NODX to Indonesia fell by 35.4% due to non-monetary gold (-88.4%), petrochemicals (-36.7%) and telecommunications equipment (-85.7%).
NODX to Hong Kong fell by 34.6% due to ICs (-30.6%), specialised machinery (-69.4%) and electrical machinery (-70.9%).
At the same time, NODX to the emerging markets contracted by 37.4%. This was mainly due to CLMV or Cambodia, Laos, Myanmar and Vietnam (-70.1%), the Middle East (-19.9%) and the Caribbean (-89.4%).
NORX
Non-oil re-exports also declined by 7.2% y-o-y in December as both electronics and non-electronics re-exports fell.
Electronic NORX fell by 9.8% y-o-y due to ICs (-9.0%), PCs (-48.1%) and parts of PCs (-29.5%).
Non-electronic NORX fell by 4.0% due to non-monetary gold (-69.1%), petrochemicals (-26.2%) and alcoholic beverages (-20.9%).
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Overall, NORX grew by 13.4% in 2022.
On a m-o-m seasonally adjusted basis, NORX grew by 3.8% to $28.7 billion as electronics increased while non-electronics decreased.
NORX to the top 10 markets as a whole declined in December with China (-29.0%), Vietnam (-20.3%) and Malaysia (-6.0%) leading the declines.
Oil domestic exports
Oil domestic exports expanded by 24.6% y-o-y in December with higher exports to the European Union (EU) 27 (+55.3%), Malaysia (+27.6%) and Liberia (+41.9%) contributing to the growth.
In volume terms, oil domestic exports grew by 11.3%.
On a m-o-m seasonally adjusted basis, oil domestic exports fell by 1.0%.
Total trade
Total trade fell by 7.7% y-o-y in December as total exports and total imports fell.
Total exports declined by 7.1% while total imports decreased by 8.2%.
Overall, total trade grew by 17.7% in 2022.
On a m-o-m seasonally adjusted basis, total trade fell by 0.9% in December to $101.3 billion.
