Singapore’s external trade up 21.5%

Singapore, March 17 (IANS) Singapore's non-oil domestic exports (NODX) rose 21.5 per cent in February on a year-on-year basis, said the International Enterprise (IE) Singapore on Friday.

NODX is a key gauge of the export performance of the small and highly open economy in the country, Xinhua news agency reported.

The growth was due to the increase in both electronic and non-electronic NODX, said IE Singapore in a press release.

On a month-on-month seasonally adjusted basis, NODX expanded by 1.4 per cent in February, compared to the five per cent growth in January, due to the rise in non-electronic NODX which outweighed the decline in electronic NODX.

The trade promotion agency said that electronic NODX expanded by 17.2 per cent in February year-on-year, following the 6.1 per cent increase in January.

ICs, disk media products and parts of PCs contributed the most to the growth posting 25.8 per cent, 26.9 per cent and 19.7 per cent increase respectively.

Non-electronic NODX gained 23.3 per cent in February year-on-year, following the 9.8 per cent increase in January.

Specialised machinery, non-monetary gold and petrochemicals increased by 111.8 per cent, 104.3 per cent and 45.3 per cent respectively, contributing the most to the rise in non-electronic NODX.

Non-oil Re-exports (NORX) rose by 10 per cent in February year-on-year, following the 1.5 per cent expansion in January, due to a growth in both electronic and non-electronic NORX.

Electronic NORX increased by 1.3 per cent in February, due to increase in capacitors, other computer peripherals and parts of PCs.

While non-electronic NORX expanded by 19.4 per cent, after 0.6 per cent growth in January.

The expansion in non-electronic NORX was due to non-monetary gold, personal beauty products as well as non-electric engines and motors.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)