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Singapore Trade Balance August 2021

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

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.”

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