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Chart of the Day: Electronics remain the largest domestic exports category
The sector makes up 30% of NODX.
Electronics exports remain Singapore’s largest domestic exports category, at 30% of NODX, and it remains a key indicator to track having historically led Singapore’s GDP and stock-market cycle.
According Citi Research, a YoY bottom in the growth rate of electronics exports coincided with that in the STI during the tech bust in 2001, GFC in 2008, and Eurozone debt crisis in 2011. Bottoming in YoY % growth of electronics exports also coincided with bottoming in YoY % GDP growth during the tech bust in 2001, and GFC in 2008.
"This series though has lost some of its efficacy in recent few years. As highlighted in the third quarter economic survey of Singapore, key reasons for this long-drawn decline include weak global semiconductor demand, trend of import substitution for electronics products in China as the largest export market for Singapore (2016 YTD: 14% of NODX) moves up the electronics value chain, and as Singapore companies shift towards fabless manufacturing, offshoring production to other regions. Local firms can then focus on higher-value manufacturing/R&D activities. Such offshoring trends would have the effect of reducing shipments of electronic products out of Singapore," Citi Research said.
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