Singapore exports rise 3.4% in November, driven by 23.2% surge in electronics

SINGAPORE: Singapore’s key exports bounced back in November, driven mainly by a rise in electronic shipments.

The city-state’s non-oil domestic exports (NODX) increased by 3.4% in November compared to last year, recovering from a 4.7% decline in October, according to data from Enterprise Singapore (EnterpriseSG) on Dec 17.

According to The Business Times, the increase was largely due to a 23.2% year-on-year (YoY) rise in electronic exports, especially in integrated circuits and disk media products.

However, non-electronic exports fell by 1.6% YoY, mainly because of the volatile pharmaceutical sector, petrochemicals, and paper and paperboard.

NODX to half of Singapore’s top 10 markets grew in November, with Taiwan seeing the biggest jump at 42.7% YoY. Hong Kong followed closely with a 35.3% rise in shipments. On the other hand, shipments to the United States, China, and Japan recorded the largest declines.

On a monthly basis, NODX grew by 14.7% in November, reaching S$15.5 billion. This marked a strong recovery from the 7.5% drop in October. Total trade grew by 5% YoY in November compared to last year, with both exports and imports rising. /TISG

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