Chart of the Day: NORX inches up 0.1% in August
Growth in electronics spurred the recovery, surpassing non-electronics.
This chart from Enterprise Singapore reveals that non-oil re-exports (NORX) slightly jumped 0.1% in August following the 3.1% decline in July, with the growth in electronic re-exports surpassing the reduction in non-electronics.
On a yearly basis, electronic NORX expanded 12.4% in August, after the 11.9% rise in July. The growth was due to ICs (+7.9%), parts of PCs (+39.7%) and telecommunications equipment (+21.3%).
Per YoY figures, non-electronic NORX dropped 11.4% in August following the 16.3% contraction in July due to decreases due to aircraft parts (-45.5%), piston engines (-69.8%) and structures of ships & boats (-98.8%).
NORX to the majority of the top 10 markets grew in August except in Indonesia, Japan and Vietnam. The top three contributors to the increase in NORX were the EU (+20.2%), the US (+12.5%) and South Korea (+20.4%).
On a MoM SA basis, NORX rose 10.0% in August 2020 with both electronics and non-electronics NORX booming. On a SA basis, the level of NORX reached $23.9b in the same month, higher than the $21.7b in July.