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Singapore electronic exports suffer sluggish growth

Posted: 17 Oct 2014 ?? ?Print Version ?Bookmark and Share

Keywords:exports? electronics? Singapore?

Singapore's non-oil exports (NODX) in September grew by a mere 0.9 per cent on-year, following a 6 per cent rise in the previous month, as increase in non-electronic exports prevailed over the decline in electronic exports, according to International Enterprise (IE) Singapore.

On a month-on-month seasonally adjusted basis, the NODX decreased by 8.8 per cent, which is a glaring contrast to the 7.6 per cent growth recorded in August.

Electronic exports fell 4 per cent on-year, following the 6.9 per cent decline in the previous month. The decrease was largely due to parts of PCs (-25.1 per cent), ICs (-5.5 per cent) and disc drives (-11.7 per cent).

Despite the decline in electronic exports, demand for ICs and other electrical components improved in neighbouring countries, the top three being China, Taiwan and Malaysia.

NODX to China rose by 14.7 per cent in September 2014, after the previous month's increase of 5.8 per cent, led by specialised machinery (142.7 per cent) and heating & cooling equipment (998.7 per cent). With Taiwan, exports increased by 25.6 per cent due to ICs (28.8 per cent), parts of ICs (119.8 per cent) and specialised machinery (57.3 per cent). Finally, in Malaysia, NODX improved by 11.6 per cent owing to diodes & transistors (267.7 per cent), electrical machinery (100.7 per cent) and parts of ICs (80.2 per cent).

Earlier, we wrote that the city-state's electronics sector continued to expand for the 20th straight month. The sector's purchasing managers' index (PMI) rose to 51.9 in September, a 1.2-point increase from August's score. Growth in new orders coming from both domestic and overseas markets contributed to the increase. Production output and inventory also registered continuous expansion and recorded higher readings. (Read entire story here: Singapore's electronics sector PMI expands to 51.9

A reading of the Singapore PMI above 50 indicates that the manufacturing economy is generally expanding, but when the PMI falls below 50, it indicates that the economy is declining.

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