Singapore’s non-oil domestic exports (NODX) rose 24.2% y-o-y in November, following the 17.8% rise in the October, making this the 11th consecutive month of growth since December 2020.
The growth surpassed the expectations of private sector economists, who estimated a 15.3% growth y-o-y in a Bloomberg poll.
According to official data released by Enterprise Singapore (ESG) on Dec 17, the higher NODX was thanks to growth in both the electronics and non-electronics sectors.
During the month, electronic exports expanded by 29.2% y-o-y, extending the 14.9% y-o-y rise in October. Integrated circuits (ICs), personal computers (PCs) and disk media products rose by 41.8%, 54.3% and 19.4% respectively, making these the top three contributors to the growth in electronic NODX.
Non-electronic exports also grew by 22.7% y-o-y, following the 18.8% y-o-y rise in October. The rise was mainly contributed by the higher y-o-y growth in specialised machinery, petrochemicals and primary chemicals at 74.4%, 66.0% and 80.6% respectively.
On a seasonally adjusted month-on-month (m-o-m) basis, NODX rose by 1.1% in November to $16.5 billion. Electronic NODX grew while non-electronic NODX declined.
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Singapore’s NODX to its top 10 markets rose on the whole in November, though NODX to Thailand decline. During the month, the largest contributors to Singapore’s NODX rise were China (+45.3%), Taiwan (+36.5%) and South Korea (+57.9%).
NODX to China grew due to specialised machinery, petrochemicals and pharmaceuticals while NODX to Taiwan expanded thanks to ICs, measuring instruments and petrochemicals.
NODX to South Korea grew due to specialised machinery, ICs and PCs.
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NODX to emerging markets expanded by 54.2% in November, mainly due to South Asia (+67.5%), CLMV (+61.5%) and Latin America (+82.4%).
Oil domestic exports rose by 115.9% y-o-y in November from a low base in 2020, and contributed by higher exports to Indonesia (+211.6%), Malaysia (+185.5%) and Australia (+324.1%).
In volume terms, oil domestic exports expanded by 16.1% y-o-y.
On a m-o-m basis, oil domestic exports expanded by 21.9%.
Non-oil re-exports (NORX) grew 20.7% y-o-y in November, extending the 17.7% increase in October. November’s increase was due to growth in both electronics and non-electronics.
Electronic NORX expanded by 19.3 % mainly due to ICs (+26.6%), diodes & transistors (+12.1%) and PCs (+35.8%).
Non-electronic NORX grew by 19.3% in October, mainly contributed by non-electric engines & motors (+39.7%), specialised machinery (+90.0%) and measuring instruments (+27.5%).
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On a m-o-m basis, NORX fell by 0.8% to $28.6 billion in November. During the month, electronic NORX declined while non-electronic NORX rose.
NORX to the top 10 markets grew in October, with the top three contributors being Hong Kong (+24.4%), Malaysia (+27.5%) and China (+12.2%).
Total trade for November was up by 31.6% y-o-y with total exports up by 31.3% and total imports up by 31.9%.
On a m-o-m basis, total trade rose by 2.5% to $103.4 billion.
Total exports grew by 2.7% m-o-m, while total imports fell 2.3% m-o-m.
Photo: Bloomberg
