Enterprise Singapore releases October 2024 trade statistics, reporting declines in NODX and NORI

Singapore’s trade performance weakened in October 2024, with declines reported across key indicators, according to data released by Enterprise Singapore.

Non-oil domestic exports (NODX) fell 4.6% year-on-year (y-o-y), reversing a 0.9% rise in September 2024. Non-electronic exports led the decline, offsetting moderate growth in electronics.

On a three-month moving average (3MMA) y-o-y basis, NODX rose 2.1% in October 2024, a slower pace than the 9.2% increase observed in September.

Month-on-month (m-o-m), seasonally adjusted (SA) NODX dropped 7.4%, with exports falling from S$14.6 billion in September 2024 to S$13.6 billion in October.

NODX details: Electronics up, non-electronics down

Electronics exports grew by 2.6% y-o-y, recovering from a 0.7% decline in September. Integrated circuits (ICs), disk media products, and computer peripherals led the growth with respective increases of 16.6%, 96.4%, and 236.1%.

Conversely, non-electronics exports contracted by 6.7%, erasing a 1.4% gain in September. Key contributors to the decline included specialised machinery (-22.6%), pharmaceuticals (-40.4%), and petrochemicals (-7.4%).

Exports to Singapore’s top markets decreased overall, with declines to China (-22.3%), the EU 27 (-21.4%), and Japan (-23.0%). These reductions were attributed to specialised machinery, ICs, and measuring instruments in China; pharmaceuticals, telecommunications equipment, and measuring instruments in the EU 27; and PCs, measuring instruments, and specialised machinery in Japan.

Oil exports see sustained contraction

Oil domestic exports contracted by 29.9% y-o-y in October 2024, accelerating from a 13.5% decline in September and a 5.8% drop in August. This marked the third consecutive month of decline after a 21.3% expansion in July 2024, reflecting significant volatility in this trade segment. Reduced demand from key markets such as Indonesia (-40.5%), Australia (-55.6%), and Malaysia (-31.6%) contributed to the steep October decline. In volume terms, oil domestic exports fell by 13.1% y-o-y.

On a m-o-m SA basis, oil exports decreased by 4.1% in October 2024, following a 9.5% contraction in September.

NORI and total trade fall

Non-oil retained imports of intermediate goods (NORI) fell to S$4.8 billion on an SA basis in October 2024, down from S$6.0 billion in September. This figure was also below the October 2023 level of S$6.1 billion and the 2023 monthly average of S$5.3 billion.

Total trade contracted by 2.0% y-o-y, driven by a 3.1% decline in exports and a 0.9% decrease in imports. On an m-o-m SA basis, total trade shrank 1.8% to S$102.2 billion in October 2024, with exports down 2.4% and imports 1.1% lower.

Mixed performance in NORX

Non-oil re-exports (NORX) increased by 7.5% y-o-y in October 2024, following 4.0% growth in September. Electronics and non-electronics both contributed to the rise. Electronics grew by 6.9%, led by ICs (+5.1%), PCs (+102.8%), and computer peripherals (+138.0%). Non-electronics increased by 8.2%, driven by non-monetary gold (+62.9%), electrical machinery (+66.0%), and engines and motors (+10.1%).

By market, NORX growth was most pronounced in Malaysia (+20.0%), the US (+23.0%), and the EU 27 (+23.7%). On an m-o-m SA basis, NORX rose slightly by 0.3%, reaching S$31.7 billion.

Outlook and implications

The sustained contraction in oil domestic exports, alongside declines in NODX and total trade, reflects ongoing challenges for Singapore’s trade-dependent economy. Electronics exports and NORX provided some resilience, but the uneven performance across key markets underscores broader headwinds in global trade dynamics as the year draws to a close.