Its expansion was fueled by the growth in pharmaceuticals, ICs, and non-electric engines & motors bound to EU.
This chart from Enterprise Singapore (ESG) shows that the largest contributor to the expansion in non-oil domestic exports (NODX) was the 37% growth in EU 28. This was followed by US and Japan where NODX growth was recorded at 32.8% and 20.7%, respectively.
The agency noted that the 37% increase in the NODX to the EU followed September’s increase of 21.6%, led by pharmaceuticals (+92.7%), ICs (+51.9%) and non-electric engines & motors (+102.5%).
Meanwhile, the 32.8% NODX growth to the US was fueled by food preparations, pharmaceuticals (+85.8%) and miscellaneous manufactured articles (+102.3%). In September, NODX to the US expanded by 41.5%.
For Japan-bound NODX, the growth was recorded at 20.7% backed by the expansion in pharmaceuticals (+75.6%), specialised machinery (+68.5%) and measuring instruments (+149.7%). In September, NODX to Japan saw a 1.5% dip.
ESG noted that NODX expanded 8.3% YoY in October backed by the growth in non-electronic NODX which outweighed the decline in electronics.
Do you know more about this story? Contact us anonymously through this link.