新加坡企業(yè)發(fā)展局（ESG）：2024年1月新加坡對外貿(mào)易統(tǒng)計(jì)月報(bào)

Eaterprise

Singapore

MEDIARELEASE

Singapore'sExternalTrade-January20241.2

IMPORTANT:Unlessotherwisestated,useofanyinformationinthisnewsrelease

mustbeattributedtoEnterpriseSingapore(EnterpriseSG).

Tobeembargoedtill08:30amonFriday,16Feb2024

MRNo.:007/24

Singapore,Friday,16February2024

Highlights

NODX

·Expanded16.8%inJanuary2024fromthelowbaseayearago,afterthe1.5%declineinDecember2023;bothelectronicsandnon-electronicsgrew

·NODXtothetopmarketsasawholegrewinJanuary2024,mainlyduetoChina,theUSandHongKong;thoughNODXtotheEU27,Taiwan,JapanandThailanddeclined

NORX

·Expanded20.5%inJanuary2024,afterthe1.4%declineinDecember2023;bothelectronicsandnon-electronicsgrew

Totaltrade

·GrewinJanuary2024;bothexportsandimportsrose

Alltopproducts/economieswhicharestatedtohavecontributedtowardsthechangesintradefiguresarerankedbyabsolutechangeinlevelandnotchangeinpercentage.

2IntandemwiththeuseofanewsetoftariffcodesfortheclassificationofallgoodstradedwithinandoutsideASEAN,datahasbeenupdatedtoASEANHarmonisedTariffNomenclature(AHTN)2022version.

3Goodstradedataarereportedmainlyinnominaltermsinlinewithinternationalpractice.GoodstradedatainrealtermsforbroadcategoriesoftradeareavailableinTable1ofthestatisticalappendix.

Thedatainthemediareleaseisprovidedonan"asis"basisandissubjecttoupdates,aswellasrevisions,toensure

consistencywithinternationalcompilationandreportingstandards.Whileeveryeffortismadetoensurethatthedata

saccurate,itisprovidedbyEnterpriseSingaporewithoutanyrepresentationorwarranty.EnterpriseSGshallnotbeheldresponsibleforanyconsequencearisingfromyourrelianceonanyinformationprovidedbyus.

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Page2of10

OverallNODXandNORIPerformance

Non-oilDomesticExports(NODX)

NODXexpandedinJanuary2024;bothelectronicsandnon-electronicsgrew

1.Onayear-on-year(y-o-y)basis,NODXexpandedby16.8%inJanuary2024fromthelowbaseayearago4,afterthe1.5%declineinthepreviousmonth.Bothelectronicsand

non-electronicsgrew.

Percent

NODX,y-o-ygrowth

25

20

15

10

5

0

-5

-10

-15

-20

-25

-30

5.1

-1.5

-1.4

-6.3

3-monthmovingaverage

16.8

1.0

Jan22AprJulOctJan23AprJulOctJan24

Note:Ona3-monthmovingaverage(3MMA)y-o-ybasis,NODXincreasedby5.1%inJanuary2024,afterthe1.4%declineinDecember2023.

Onaseasonallyadjustedbasis,NODXgrewoverthemonth

2.Onamonth-on-monthseasonallyadjusted(m-o-mSA)basis,NODXincreasedby2.3%inJanuary2024,afterthe1.7%declineinthepreviousmonth.Non-electronicsgrewwhileelectronicsdecreased.OnaSAbasis,thelevelofNODXreachedS$14.9billioninJanuary2024.Thiswashigherthanthepreviousmonth'sS$14.6billionandlevelsayearago

(January2023:S$14.5billion;2023'saverage:S$14.5billion).

S$billionNODX,seasonallyadj.level

10

1918171615141312

11

14.514.814.614.9

Jan22AprJulOctJan23AprJulOctJan24

4NODXdeclined25.1%y-o-yinJanuary2023amidtheLunarNewYearperiod.NODXlevelsinJanuary2023atS$13.2billionwasbelowthemonthlyaverageofS$14.4billionin2023.

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Non-oilRetainedImportsofIntermediateGoods(NORI)

NORIgrewinJanuary2024

3.OnaSAbasis,NORIgrewfromtheS$3.3billioninDecember2023toS$3.4billioninJanuary2024.Thiswaslowercomparedtolevelsayearago(January2023:S$4.6billion;

2023'saverage:S$5.3billion).

1

S$billion

10

9

8

7

6

5

4

3

2

NORI,seasonallyadj.level

4.6

5.6

3.3

3.4

Jan22AprJulOctJan23AprJulOctJan24

PerformancebyKeyTradeComponents

TotalTrade

TotaltradeexpandedinJanuary2024;bothexportsandimportsrose

4.Onay-o-ybasis,totaltradeexpandedby14.1%inJanuary2024,afterthe6.8%declineintheprecedingmonth5.InJanuary2024:

?Totalexportsexpandedby16.7%,afterthepreviousmonth's4.6%decrease.

?Totalimportsgrewby11.1%,afterthepreviousmonth's9.3%decline.

Onaseasonallyadjustedbasis,totaltradeincreasedoverthemonth

5.Onam-o-mSAbasis,totaltradeincreasedby5.3%inJanuary2024,afterthe4.1%declineinDecember2023.OnaSAbasis,theleveloftotaltradereachedS$105.0billioninJanuary2024,higherthanthepreviousmonth'sS$99.7billion.InJanuary2024,ona

m-o-mSAbasis:

?Totalexportsgrewby5.4%,afterthe2.9%decreaseintheprecedingmonth.

?Totalimportsroseby5.2%,afterthe5.5%declineinDecember2023.

5TotaltradegrewinJanuary2024duetotheincreaseinbothoiltrade(+3.1%y-o-y)andnon-oiltrade(+16.9%y-o-y).Non-oiltraderoseduetothegrowthinbothnon-electronicstrade(+17.3%)andelectronicstrade(+16.3%).Inrealterms,totaltradegrewby13.9%y-o-yandNODXexpandedby16.9%duetotheriseinbothnon-electronics(+21.1%)andelectronics(+0.6%).

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S$billion

TotalTrade,seasonallyadj.level

(TotalExports+TotalImports)

130

110

90

70

50

30

10

TotalTrade105.0

TotalExports56.3

TotalImports48.7

JanAprJulOctJanAprJulOctJan

222324

PerCentTotalTrade,year-on-yeargrowth

50(TotalExports+TotalImports)

40

30

14.1

10

11.1

2016.7

-10

0

-20

-30

TotalExports

TotalTrade

TotalImports

Jan22AprJulOctJan23AprJulOctJan24

Per

10

8

6

4

2

0

-2

-4

-6

-8

CentTotalTrade,m-o-mSAgrowth

(TotalExports+TotalImports)

5.4

5.3

5.2

AprJulOctJan

24

JanAprJulOctJan

2223

Non-oilDomesticExports(NODX)

NODXgrewovertheyear,duetobothelectronicsandnon-electronics

6.Electronicproducts.Onay-o-ybasis,electronicNODXincreasedby0.7%inJanuary2024,afterthe11.7%contractioninthepreviousmonth.Diodes&transistors,PCsandprintedcircuitboards(PCB)grewby9.3%,5.7%and34.3%respectively,contributingthemosttotherise

inelectronicNODX.

7.Non-electronicproducts.Onay-o-ybasis,non-electronicNODXexpandedby21.2%inJanuary2024,extendingthe1.4%growthinthepreviousmonth.Specialisedmachinery,non-monetarygoldandpharmaceuticalsexpandedby41.1%,198.7%and9.9%respectively,

contributingthemosttotheexpansioninnon-electronicNODX.

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Page5of10

NODXbyProducts:Non-Electronics

SAlevelPerCent

(S$billion)

(Y-o-Y)

15

12

9

6

3

0

-3

-6

-9

-12

50

40

30

20

10

0

-10

-20

-30

-40

Jan22MaySepJan23MaySepJan24

%Growth

SAlevel(S$billion)

NODXbyProducts:Electronics

PerCent(Y-o-Y)

4

2

0

-2

-4

%Growth

40

30

20

10

0

-10

-20

-30

-40

Jan22MaySepJan23MaySepJan24

NODXtothetopmarketsasawholeroseinJanuary2024

8.TopMarkets.NODXtothetopmarketsasawholeexpandedinJanuary2024,thoughNODXtotheEU27,Taiwan,JapanandThailanddeclined.Thelargestcontributorstothegrowthin

NODXwereChina(+101.3%),theUS(+35.4%)andHongKong(+60.8%).

?NODXtoChinaexpandedby101.3%inJanuary2024,extendingthe22.2%growthintheprecedingmonth,duetospecialisedmachinery(+255.8%),non-monetarygold(+439.2%)andmeasuringinstruments(+85.8%).

?NODXtotheUSgrewby35.4%inJanuary2024,extendingthe4.2%riseintheprecedingmonth,duetopharmaceuticals(+357.7%),miscellaneousmanufacturedarticles(+135.2%)andspecialisedmachinery(+26.0%).

?NODXtoHongKongroseby60.8%inJanuary2024,followingthe36.1%expansionintheprecedingmonth,duetoICs(+67.6%),specialisedmachinery(+136.2%)andnon-monetarygold(+131.4%).

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PerCent

NODXbyMarkets:US

andHongKong

80

60

40

20

0

-20

-40

-60

-80

US

HongKong

Jan22MaySepJan23MaySepJan24

SAlevel

(S$billion)

NODXbyMarket:China

PerCent(Y-o-Y)

4.0

3.0

2.0

1.0

0.0

-1.0

-2.0

-3.0

%Growth

120

100

80

60

40

20

0

-20

-40

-60

Jan22MaySepJan23MaySepJan24

Non-oilDomesticExportstoTopMarkets(%Y-O-YGrowth)

TopMarkets^

NODX

ElectronicNODX

Non-ElectronicNODX

Dec2023

Jan2024

Dec2023

Jan2024

Dec2023

Jan2024

China

22.2

101.3

-3.3

16.7

27.2

119.2

US

4.2

35.4

-12.3

-11.5

8.1

45.4

HongKong

36.1

60.8

-12.6

48.5

111.3

73.9

Malaysia

-10.2

11.6

-17.4

-4.5

-5.1

23.1

SouthKorea

-28.2

12.8

-4.3

8.7

-32.4

13.7

Indonesia

-12.4

0.6

-45.2

20.8

-7.6

-1.0

Thailand

-10.8

-5.8

-4.3

-18.0

-13.5

3.6

Japan

-18.1

-26.6

-33.3

-9.8

-13.9

-30.4

Taiwan

-33.2

-31.9

5.4

-4.4

-51.7

-51.4

EU27

8.6

-42.4

-4.9

-16.2

10.9

-45.3

^:RankedbycontributiontotheyoychangeinNODXlevelsovertheyear.

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OilDomesticExports

OildomesticexportsgrewinJanuary2024

9.Onay-o-ybasis,oildomesticexportsgrewby6.2%inJanuary2024,afterthe16.3%

contractioninDecember2023:

?HigherexportstoIndonesia(+66.9%),theEU27(+41.1%)andMarshallIslands(+16.7%)contributedthemosttothey-o-ygrowthinoildomesticexports.

?Involumeterms,oildomesticexportsgrewby9.4%inJanuary2024,afterthe12.9%declineinthepreviousmonth.

?Onam-o-mSAbasis,oildomesticexportsroseby5.8%inJanuary2024,afterthe12.8%contractioninDecember2023.

Non-oilRe-exports(NORX)

NORXroseovertheyear;bothelectronicsandnon-electronicsgrew

10.Onay-o-ybasis,NORXexpandedby20.5%inJanuary2024,afterthe1.4%declineinthe

previousmonth.Bothelectronicsandnon-electronicsgrew.

Percent

NORX,y-o-ygrowth

35

25

15

5

-5

-15

-25

20.5

7.7

movingaverage

5.2

2.0

-1.7

3-month

-1.4

Jan22AprJulOctJan23AprJulOctJan24

Note:Ona3-monthmovingaverage(3MMA)y-o-ybasis,NORXroseby7.7%inJanuary2024,extendingthe2.0%increaseinDecember2023.

11.Electronicproducts.Onay-o-ybasis,electronicNORXexpandedby22.8%inJanuary2024,afterthe4.2%declineinDecember2023.TheriseinelectronicNORXwas

duetoICs(+32.6%),PCs(+49.1%)andconsumerelectronics(+21.6%).

12.Non-electronicproducts.Onay-o-ybasis,non-electronicNORXgrewby17.8%inJanuary2024,extendingthe1.9%riseinDecember2023.Thegrowthinnon-electronicNORXwasduetonon-monetarygold(+120.0%),non-electricengines&motors(+37.2%)

andspecialisedmachinery(+58.3%).

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13.TopMarkets.NORXtothetopmarketsasawholegrewinJanuary2024.ThelargestcontributorstotheexpansioninNORXwereHongKong(+71.9%),China(+28.8%)and

Thailand(+45.1%).

Seasonally-adjustedNORXincreasedoverthemonth

14.Onam-o-mSAbasis,NORXgrewby6.5%inJanuary2024,extendingthe0.5%increaseinthepreviousmonth.Bothelectronicsandnon-electronicsgrew.OnaSAbasis,thelevelofNORXreachedS$31.7billioninJanuary2024.ThiswashigherthantheS$29.8billioninthepreviousmonthandlevelsayearago(January2023:S$30.0billion;2023'saverage:

S$29.2billion).

S$billionNORX,seasonallyadj.level

12

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