Non-oil exports up 8.8% in Q3

Thanks to growth in both non-oil domestic exports and non-oil re-exports.

Non-oil exports (NOX) grew 8.8% YoY in Q3 from last year’s 5.8% thanks to growth in both non-oil domestic exports (NODX) and non-oil re-exports (NORX).

According to a media release from International Enterprise (IE), NOX also grew on QoQ basis by 0.5%.

In a growth breakdown, IE noted that NODX rose 7.6% YoY in Q3 as electronic exports grew for its fourth consecutive quarter by 8.9% thanks to large contributions from integrated circuits and its components.

Non-electronic products also grew by 7% in Q3 due to higher level of exports of specialised machinery, petrochemicals and non-monetary gold.

The biggest contributors to NODX increase were China, South Korea and Malaysia.

Meanwhile, non-oil re-exports (NORX) increased by 9.6% in Q3 from last year’s 7.8% thanks to higher shipments of electronic and non-electronic re-exports.

The expansion of electronic NORX by 17.2% in Q3 was due to increased re-exports of integrated circuits, components and other computer peripherals.

Non-electronic NORX also increased by 1.9% in Q3 due to higher re-exports of petrochemicals, personal beauty products and non-electronic engines and motors.

“Growth outcomes were generally stronger-than-expected, with notable pickups in investment, trade, industrial production, as well as business and consumer confidence supporting the recovery,” IE said in a statement.