Singapore Trade Balance August 2021


Singapore: Non-oil domestic exports (NODX) rise at a more moderate rate in August

September 17, 2021

Non-oil domestic exports (NODX) grew 2.7% year-on-year in August, slowing significantly from July’s 12.7% increase. Nevertheless, the result marked the ninth successive month of growth—driven by a continued increase in electronics exports—although it came in well below market expectations. In terms of markets, exports to Hong Kong, Indonesia, Taiwan and Thailand grew in a sign of continued strength in regional demand, while exports to the EU fell.

In seasonally-adjusted month-on-month terms, NODX exports declined 3.6% in August, deteriorating from July’s 0.9% decrease.

Looking ahead, Euben Paracuelles and Charnon Boonnuch, economists at Nomura, commented:

“Despite weaker-than-expected NODX growth in August, we maintain our 2021 GDP growth forecast at 7.1% in 2021, which is above the official forecast range of 6.0%–7.0%. […] We continue to expect the global tech upcycle to support electronics exports, given the strength of external demand, as highlighted by our tech analysts based on latest comments from tech companies. The disruption in electronics production is also likely temporary, in our view.”

FocusEconomics Consensus Forecast panelists project exports to total USD 478.0 billion in 2021 and rise to USD 519.0 billion in 2022.

Author:, Economist

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Singapore Trade Balance Chart

Singapore Trade August 2021

Note: Year-on-year and seasonally-adjusted month-on-month variation of non-oil domestic exports in %.
Source: Statistics Singapore (Singstat), International Enterprise (IE) Singapore and FocusEconomics calculations.

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