Non-oil exports grow 3.4% in November on strong electronics
Electronic NODX rose 23.25 YoY.
Non-oil domestic exports (NODX) grew 3.4% year-on-year in November, reversing the 4.7% decline in October.
Enterprise Singapore (EnterpriseSG) attributed the expansion to the increase in electronics NODX. In November, electronic NODX rose 23.2 YoY.
ICs, disk media products and PCs, which expanded by 28.9%, 114.7% and 75.3%, respectively, contributed the most to the increase in electronic NODX.
On the other hand, non-electronic NODX declined, falling by 1.6% YoY, driven by pharmaceuticals, petrochemicals and paper & paperboard, which decreased by 63.8% YoY, 5.3% YoY, and 89.9% YoY, respectively.
November also saw an expansion in NODX to Singapore’s top markets, with Taiwan (42.7% YoY), Hong Kong (35.3% YoY), and Malaysia (24.4% YoY) being the major contributors to the increase.
Non-oil re-exports (NORX) and total trade also expanded in November, rising 14.2% YoY and 5.0% YoY, respectively.
On the other hand, oil domestic exports declined in November, dropping by 18.2% YoY.