Singapore Trade Surplus Widens in February


Singapore's trade surplus increased to S$2.47 billion in February of 2013, as total exports declined by 19.5 percent to S$36.32 billion and total imports decreased by 14.7 percent to S$33.85 billion.

On a year-on-year basis, total trade contracted by 17.3 percent in February 2013, compared to the 1.4 percent rise in the previous month. Total exports declined by 19.5 percent in February 2013, after the 2.2 percent expansion in the previous month. Total imports decreased by 14.7 percent in February 2013, in contrast to the 0.6 percent growth in the preceding month.

On a month-on-month seasonally adjusted basis, total trade expanded by 1.0 percent in February 2013, after the 4.0 per cent rise in the previous month. On a seasonally adjusted basis, the level of total trade reached S$80.2 billion in February 2013, higher than the previous month’s achievement of S$79.4 billion. Total exports increased by 4.9 percent in February 2013, following a 0.7 percent increment in the previous month. Total imports declined by 3.0 percent in February 2013, compared to a 7.6 percent expansion in the previous month.
 
On a year-on-year basis, non-oil domestic exports (NODX) declined by 30.6 percent in February 2013, in contrast to the marginal growth of 0.4 percent in the previous month, due a contraction in both electronic and non-electronic NODX.
On a year-on-year basis, electronic NODX decreased by 27.4 percent in February 2013, after the 5.6 percent decline in the previous month. The contraction in electronic domestic exports was largely due to parts of PCs (-43.2 per cent), ICs (-14.6 per cent) and disk media products (-36.8 per cent).
On a year-on-year basis, non-electronic NODX decreased by 32.0 percent in February 2013, compared to the 3.7 percent increment in the previous month. The contraction in non-electronic NODX was led by structures of ships & boats (-99.4 percent), pharmaceuticals (-56.5 percent) and electrical machinery (-54.5 percent).
On a month-on-month seasonally adjusted (m-o-m SA) basis, NODX decreased by 2.4 per cent in February 2013, following the previous month’s 1.8 percent decline, due to a contraction in non-electronic NODX which outweighed an expansion in electronic NODX. On a SA basis, the level of NODX reached S$13.2 billion in February 2013, lower than the S$13.5 billion registered in the previous month.
 
On a year-on-year basis, oil domestic exports decreased by 6.3 percent in February 2013, after the preceding month’s 4.2 percent contraction. The year-on-year decline of oil domestic exports was mainly due to lower sales to Australia (-20.6 percent), Panama (-18.8 percent) and Hong Kong (-16.3 percent). In volume terms, oil domestic exports increased marginally by 0.3 per cent in February 2013, after the 6.1 
 
On a seasonally adjusted basis, non-oil retained imports of intermediate goods (NORI) grew by S$0.1 billion from S$5.4 billion in the previous month to reach S$5.5 billion in February 2013.
 
On a year-on-year basis, non-oil re-exports decreased by 14.4 per cent in February 2013, in contrast to the 13.6 per cent growth in the previous month, due to a decline in both electronic and non-electronic NORX. 
 
On a year-on-year, NODX to all of the top 10 NODX markets, except Taiwan, decreased in February of 2013. The top three contributors to the NODX contraction in February of 2013 were the EU 27, the US and Hong Kong.
 

Statistics Singapore | Joana Taborda | joana.taborda@tradingeconomics.com
3/18/2013 10:01:17 AM