Statistics Singapore Singapore Department of Sta : Singapore's External Trade, Dec 2016

M E D I A R EL EA S E

SINGAPORE'S EXTERNAL TRADE - December 20161

IMPORTANT: Unless otherwise stated, use of any information in this news release must be attributed to International Enterprise (IE) Singapore.

To be embargoed till 08:30 am on Tuesday, 17 January 2017

MR No.: 002/17

Singapore, Tuesday, 17 January 2017

Highlights

• NODX up over the year in December 2016, following the growth in the preceding month; growth in NODX was due to the increase in both electronic and non-electronic products

• NODX to majority of the top 10 markets rose, led by China, Taiwan and Hong Kong

• NODX grew over the month, as the increase in electronic products outweighed the decline in non-electronic products; NORI down in December 2016, following the rise in the previous 2 months

• NORX up over the year in December 2016, due to the increase in both electronics and non-electronics

• Total trade up in December 2016, supported by both import and export growth

1 Effective March 2014, data regarding the European Union (EU) shall be reported as EU 28 instead of EU 27, to accommodate the accession of Croatia to the EU. All top products/countries which are stated to have contributed towards the changes in trade figures are ranked by absolute change in level and not change in percentage.

International Enterprise Singapore is the government agency promoting international trade and partnering Singapore companies in going global.

The data in the media release is provided on an "as is" basis and is subject to updates. While every effort is made to ensure that the data is accurate, it is provided by IE Singapore without any representation or warranty. IE Singapore shall not be held responsible for any consequence arising from your reliance on any information provided by us.

Overall NODX and NORI Performance

Non-oil Domestic Exports (NODX)

NODX expanded over the year in December 2016, due to the increase in both electronic and non-electronic NODX

1. On a y-o-y basis, NODX expanded by 9.4% in December 2016, following the 11.5% growth in the preceding month, due to the increase in both electronic and non-electronic NODX.

   Per cent NODX, y-o-y growth

   20

   15

   10 3-month moving average

   5

   0

   11.5

   9.4

   2.3

   -2.5

   -5

   -10

   -15

   -20

   -5.9

   -12.0

   Dec 14 Mar Jun Sep Dec 15 Mar Jun Sep Dec 16

   Note: On a 3-month moving average (3MMA) y-o-y basis, NODX posted the first positive (+2.3%) in December 2016, following declines for the large part of 2016 (Nov 16: -2.5%)

   NODX grew over the month, as the increase in electronic products outweighed the decline in non-electronic products

2. On a month-on month seasonally adjusted (m-o-m SA) basis, NODX increased by 1.0% in December 2016, following the previous month's 13.0% growth, due to a rise in electronic NODX which outweighed the decrease in non-electronic NODX. On a SA basis, the level of NODX reached S$14.0 billion in December 2016, higher than the 13.9 billion in the previous month.

   S$ billion 16

   NODX, seasonally adj. level

   15

   14

   1312.7

   12

   13.9

   12.3

   14.0

   11

   10

   Dec 14 Mar Jun Sep Dec 15 Mar Jun Sep Dec 16

   Non-oil Retained Imports of Intermediate Goods (NORI)

   NORI down in December 2016, following increases in the previous 2 months

3. On a SA basis, non-oil retained imports of intermediate goods (NORI) decreased by S$0.5 billion from S$5.4 billion in the previous month to reach S$4.9 billion in December 2016.

   S$ billion

   6

   NORI, seasonally adj. level

   5.4

   5.0

   5

   4.9

   4.3

   4

   3

   2

   1

   Dec 14

   Mar

   Jun

   Sep

   Dec 15

   Mar

   Jun

   Sep

   Dec 16

   Performance by Key Trade Components

   Total Trade

   Total trade up over the year in December 2016, supported by both export and import growth

4. On a y-o-y basis, total trade rose 9.9% in December 2016, after the 8.7% increase in the previous month. Total exports grew by 9.5% in December 2016, following the 8.2% rise in November 2016. Total imports expanded by 10.2% in December 2016, extending the 9.4% growth in the preceding month.

   On a seasonally adjusted basis, total trade grew for the third consecutive month

5. On a m-o-m SA basis, total trade rose 3.6% in December 2016, after the 6.8% growth in the previous month. On a SA basis, the level of total trade reached S$77.8 billion in December 2016, higher than the previous month's achievement of S$75.0 billion. Total exports increased by 5.3% in December 2016, following the 5.7% rise in the previous month. Total imports grew by 1.8% in December 2016, after the 8.1% growth in the previous month.

   Per Cent 15

   10

   5

   Total Trade, year-on-year growth (Total Exports + Total Imports)

   10.2 Total Imports

   9.9 Total Trade

   9.5 Total Exports

   0

   -5

   -10

   -15

   -20

   -25

   Dec 14 Mar Jun Sep Dec 15 Mar Jun Sep Dec 16

   Per Cent 20

   15

   10

   5

   Total Trade, m-o-m SA growth (Total Exports + Total Imports)

   5.3

   3.6

   1.8

   S$ billion 100

   90

   80

   70

   60

   50

   Total Trade, seasonally adj. level (Total Exports + Total Imports)

   Total Trade

   77.8

   0

   -5

   -10

   Dec

   Mar Jun Sep Dec

   40

   30

   20

   Mar Jun Sep Dec 10

   Total Exports 41.9

   Total Imports 35.8

   14 15

   16 Dec 14 Mar Jun Sep Dec 15 Mar Jun Sep Dec 16

   Non-oil Domestic Exports (NODX)

   Both electronic and non-electronic NODX grew, extending the increase in the previous month

6. Electronic products. On a y-o-y basis, electronic NODX rose 5.7% in December 2016, following the 3.5% increase in the previous month. ICs, parts of PCs and consumer electronics expanded by 29.9%, 4.9% and 8.8% respectively, and they contributed the most to the growth in electronic domestic exports.

7. Non-electronic products. On a y-o-y basis, non-electronic NODX grew by 11.3% in December 2016, following the 15.3% expansion in the previous month. Specialised machinery, petrochemicals and primary chemicals grew by 63.6%, 28.5% and 58.2% respectively, contributing the most to the rise in non-electronic NODX.