The strong growth easily smashed industry expectations.
Singapore non-oil domestic exports (NODX) beat industry forecasts as it increased 20.9% YoY in October thanks to robust global demand in electronic and non-electronics exports.
This month’s growth easily took over earlier industry estimates of 10% NODX expansion.
Electronics exports rose 4.5% YoY after an 8% decline the previous month while non-electronic shipments grew 28.5% YoY following a marginal 1.9% increase in the preceding month.
CMC Markets adds that higher electronic shipment was boosted by surging demand in ICs, disk media products and PCs whilst non-electronic shipment was driven by non-monetary gold, petrochemicals and pharmaceuticals.
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