Overall NODX and NORI Performance

Non-oil Domestic Exports (NODX)
NODX declined in September 2023; both electronics and non-electronics decreased

  1. On a year-on-year (y-o-y) basis, NODX declined by 13.2% in September 2023, following the
    22.5% contraction in the previous month. Both electronics and non-electronics declined.

On a seasonally adjusted basis, NODX grew over the month

  1. On a month-on-month seasonally adjusted (m-o-m SA) basis, NODX grew by 11.1% in
    September 2023, after the previous month’s 6.6% decrease. Both electronic and
    non-electronic domestic exports increased. On a SA basis, the level of NODX reached
    S$14.5 billion in September 2023. This was higher than the previous month’s S$13.1 billion,
    though lower than the levels a year ago (September 2022: S$16.4 billion; 2022’s average:
    S$16.6 billion).

Non-oil Retained Imports of Intermediate Goods (NORI)
NORI grew in September 2023

  1. On a SA basis, NORI grew from S$5.4 billion in August 2023 to S$6.6 billion in
    September 2023. This was higher than levels in September 2022 (S$5.8 billion), though below
    2022’s average (S$7.5 billion).

Performance by Key Trade Components

Total Trade
Total trade contracted in September 2023; both exports and imports declined

  1. On a y-o-y basis, total trade declined by 12.3% in September 2023, following the 15.5%
    contraction in the preceding month4
    . In September 2023:
  • Total exports decreased by 12.7%, following the previous month’s 15.4% decline.
  • Total imports declined by 11.8%, following the previous month’s 15.7% contraction.
    On a seasonally adjusted basis, total trade increased over the month
  1. On a m-o-m SA basis, total trade grew by 4.2% in September 2023, following the 1.1%
    increase in August 2023. On a SA basis, total trade reached S$103.7 billion in
    September 2023, higher than the previous month’s S$99.6 billion. In September 2023, on a
    m-o-m SA basis:
  • Total exports rose by 5.7%, after the 2.1% decline in the preceding month.
  • Total imports increased by 2.5%, following the 4.8% growth in August 2023.

Non-oil Domestic Exports (NODX)
NODX decreased over the year, mainly due to non-electronics (e.g. non-monetary gold,
pharmaceuticals and food preparations); electronics also declined

  1. Electronic products. On a y-o-y basis, electronic NODX declined by 11.6% in
    September 2023, following the 21.1% contraction in the previous month. ICs, PCs and parts
    of PCs contracted by 16.2%, 33.2% and 38.9% respectively, contributing the most to the
    decline in electronic NODX.
  2. Non-electronic products. On a y-o-y basis, non-electronic NODX declined by 13.6% in
    September 2023, following the 22.9% contraction in the previous month. Non-monetary gold (-59.6%), pharmaceuticals (-31.2%) and food preparations (-40.0%) contributed the most to the decline in non-electronic NODX5

NODX to the top markets as a whole declined in September 2023

  1. Top Markets. NODX to the top markets as a whole declined in September 2023, though
    NODX to China, Hong Kong and the US rose. The largest contributors to the decline in NODX
    were Taiwan (-34.9%), Indonesia (-45.2%) and Malaysia (-19.8%).
  • NODX to Taiwan decreased by 34.9% in September 2023, following the 31.5% decline in
    the preceding month, due to specialised machinery (-59.2%), measuring instruments
    (-41.3%) and ICs (-8.8%).
  • NODX to Indonesia contracted by 45.2% in September 2023, extending the 27.9% decline
    in the preceding month, due to non-monetary gold (-90.0%), petrochemicals (-28.9%) and
    prepared additive for mineral oils (-38.3%).
  • NODX to Malaysia declined by 19.8% in September 2023, extending the 14.1% decrease
    in the preceding month, due to ICs (-31.7%), specialised machinery (-40.7%) and PCs
    (-88.1%).

Oil Domestic Exports
Oil domestic exports declined in September 2023

  1. On a y-o-y basis, oil domestic exports declined by 17.0% in September 2023, following the
    24.7% contraction in August 2023:
  • Lower exports to the Australia (-37.7%), Hong Kong (-32.7%) and Malaysia (-9.7%)
    contributed the most to the y-o-y decline in oil domestic exports.
  • In volume terms, oil domestic exports contracted by 19.4% in September 2023,
    extending the 16.8% decline in the previous month.
  • On a m-o-m SA basis, oil domestic exports increased by 1.8% in September 2023,
    following the 7.6% growth in August 2023.
    Non-oil Re-exports (NORX)
    NORX declined over the year; both electronics and non-electronics decreased
  1. On a y-o-y basis, NORX declined by 11.6% in September 2023, extending the 8.3% decrease
    in August 2023. Both electronics and non-electronics decreased.
  1. Electronic products. On a y-o-y basis, electronic NORX contracted by 15.1% in
    September 2023, extending the 11.6% decrease in August 2023. The decline in electronic
    NORX was due to ICs (-16.1%), telecommunications equipment (-10.2%) and PCs (-31.0%).
  2. Non-electronic products. On a y-o-y basis, non-electronic NORX declined by 7.4% in
    September 2023, following the 4.4% decrease in August 2023. The decline in non-electronic
    NORX was due to non-monetary gold (-55.1%), electrical machinery (-39.1%) and personal
    beauty products (-31.0%).
  3. Top Markets. NORX to the top markets as a whole declined in September 2023. The top
    contributors to NORX’s contraction were South Korea (-28.9%), Malaysia (-16.8%) and
    Hong Kong (-8.6%).
    Seasonally-adjusted NORX grew over the month
  4. On a m-o-m SA basis, NORX grew by 4.5% in September 2023, after the 1.8% decrease in
    the previous month. Both electronics and non-electronics rose. On a SA basis, NORX
    reached S$30.1 billion in September 2023. This was higher than the S$28.8 billion in the
    previous month, though lower than the levels a year ago (September 2022: S$33.3 billion;
    2022’s average: S$31.5 billion)