International Enterprise Singapore, a government agency that promotes international trade and partners Singapore companies to go global, announced on Monday the country's non-oil domestic exports (NODX) expanded 17 percent year on year in August.

The growth was much higher than the revised growth rates of 8.8 percent in June and 7.6 percent in July. The authority attributes the month growth to the fact that both electronic and non-electronic NODX increased.

According to the agency, Singapore's NODX of electronic products rose 21.7 percent year on year in August for the tenth consecutive month, which was faster than the revised 15.3 percent growth in July. NODX of non-electronic products grew 15 percent year on year, also higher than the revised 4.4 percent growth in the previous month.

Among the top NODX markets of Singapore, Chinese mainland, Hong Kong and the Republic of Korea were major contributors to Singapore's NODX growth in August. The NODX to them grew 43.2 percent, 41.9 percent and 62 percent year on year, respectively.

Meanwhile, the non-oil re-exports (NORX) rose by 11.9 percent year on year in August, after the revised 16.7 percent expansion in July, due to the higher shipment of both electronic and non-electronic re-exports.

Singapore's oil domestic exports grew by 23.5 percent year on year in August, following the revised 5.7 percent expansion in the preceding month. Higher sales to Chinese mainland, Australia and 28 European Union countries contributed the most to the year-on-year increase of oil domestic exports.

The three markets saw oil domestic exports from Singapore increase 68.5 percent, 92.7 percent and 37.5 percent year on year in the month, respectively. In volume terms, oil domestic exports increased by 1.6 percent in August, comparing to the revised 8.9 percent decline in July.

The total trade of Singapore grew 15.6 percent year on year in August, marking the tenth consecutive growth month for both exports and imports. Total exports grew by 15.2 percent in the month, and total imports increased by 15.9 percent.

Source:
courtesy of XINHUA NEWS AGENCY

by Xinhua News

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