Singapore – Singapore's core exports rebounded in February, shaking off the contraction seen during the Lunar New Year period in January.
Non-oil domestic exports (Nodx) rose 7.6% year-on-year in February, a reversal from the 2.1% decline in the previous month, according to data released by Enterprise Singapore, the city-state's trade agency, on March 17.
However, the increase fell short of the 8.3% rise forecast by economists in a Reuters poll.
Enterprise Singapore said Nodx, when combined for January and February to smooth out the effects of the Lunar New Year falling on different months each year, grew by 2.3%.
On a seasonally adjusted month-on-month basis, Nodx rose 4.5% in February, following a revised 3.3% decline in January.
Key electronic product shipments increased by 6.9% year-on-year in February, following a 9.5% rise in January. This growth was supported by disk media products, integrated circuits, and personal computers.
Non-electronic Nodx increased by 7.8% year-on-year in February, after a 4.8% decline in January.
Surge in Safe-Haven Demand Drives Non-Monetary Gold Exports
Non-monetary gold led the growth with a 106.9% increase, driven by rising demand for safe-haven assets amidst uncertainties. Measuring instruments rose by 23.1%, and other specialty chemical products increased by 37.5%.
Unlike monetary gold, which is traded between central banks worldwide, non-monetary gold refers to all forms of gold available in the market. This can be in the form of coins, ingots, bars, or powder.
Gold is also used as an industrial metal, serving as a coating or thin-film bonding wire in most semiconductor chips.
Exports to US, Taiwan, EU Increase; China, Hong Kong, Indonesia Decline
While Nodx to the United States, Taiwan, and the European Union increased, shipments to China, Hong Kong, and Indonesia declined.
Shipments to the United States increased by 21.5% in February year-on-year, following a 27.8% increase in the previous month. This was attributed to non-monetary gold, food preparations, and medical apparatus.
Shipments to Taiwan surged by 77.9% year-on-year in February, following a 48.3% increase in January. This growth was supported by specialized machinery, measuring instruments, and other specialty chemical products.
Nodx to the EU increased by 16.7% in February, after a 7.3% decline in the previous month, attributed to pharmaceuticals, measuring instruments, and cocoa.
The largest drag on Nodx came from China, with shipments declining by 27.4% in February, compared to a sharp 48.5% drop in January.
Total trade increased by 4.6% in February year-on-year, following a revised 6.6% increase in January.
Enterprise Singapore said it expects Nodx to grow by 1% to 3% this year, following a 0.2% growth last year.
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