Singapore non-oil exports strengthen with 17.9% jump in October

SINGAPORE – Singapore’s non-oil domestic exports (Nodx) expanded last month at a faster pace than in September, driven by growth in both electronic and non-electronic shipments.

Nodx rose by 17.9 per cent in last month, rising for an 11th consecutive month, following a revised 12 per cent increase in September, said Enterprise Singapore (ESG) on Wednesday (Nov 17).

The pace of annual growth was quicker than the 15.1 per cent forecast by economists in a Bloomberg poll.

On a month-on-month seasonally adjusted basis, Nodx increased by 4.2 per cent last month, after September’s 1 per cent rise, ESG data showed.

ESG said Nodx growth over the year was led by non-electronic goods such as non-monetary gold, specialised machinery and petrochemicals.

Non-electronic shipments grew by 18.9 per cent last month, following the 11.4 percent rise in September.

Non-monetary gold shipments surged 223.2 per cent, specialised machinery grew 49.3 per cent and petrochemicals rose 39.1 per cent.

The linchpin electronics sector saw exports expand by 14.9 per cent year on year, extending the 14.1 per cent gain in September.

Integrated circuits’ shipments rose 22.6 per cent, PCs were up 18.1 per cent, and export of diodes and transistors rose by 19.8 per cent.

Nodx to the top markets as a whole rose last month, though exports to Thailand, the United States and Hong Kong declined. The largest contributors to the rise in October Nodx were China, Malaysia and Taiwan.

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