Singapore non-oil exports stabilizing but still weak.SINGAPORE, June 18 Kyodo
Singapore's non-oil domestic exports (NODX NODX Non-Oil Domestic Exports (Singapore) ) remained weak in May, falling 6.8% on a year-on-year basis after growing almost as much last month, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. official trade data released Monday.
''Apart from weaker performance in NODX of both electronics and non-electronics, this poorer showing...was also caused in part by the high base in the same period last year,'' said International Enterprise Singapore International Enterprise Singapore (Abbreviation: IE Singapore,Chinese: 新加坡国际企业发展局) is a statutory board incorporated under the Ministry of Trade and Industry (Singapore) with the aim of spearheading the , the national trade promotion agency.
Exports to Singapore's biggest market for NODX, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , fell 3.8% to S$1.8 billion (about US$1.01 billion) with domestic exports of both electronics and non-electronics products remaining lackluster.
''Weakness continued to persist in most electronics products, such as disk drives, parts of personal computers and integrated circuits'' while ''domestic exports of non-electronics to the U.S. were dragged down largely by the poor performance of pharmaceuticals.''
However, the agency noted that on a three-month moving average basis, NODX to the U.S. contracted by a more moderate 9.1% in May, which marks the first single-digit decline since April last year.
Shipments to other top markets were mixed. Exports to the European Union contracted by 33% to S$1.1 billion, exports to Japan fell 21% S$734 million while exports to neighboring Malaysia dipped 2% to S$1.02 billion.
Overall, the island republic's total trade grew marginally by 0.4% to S$36 billion, with exports up 0.6% to S$18.6 billion and imports rising 1.4% to S$17.4 billion.