Singapore exports up 17.9% in October
Re-exports also echoed this growth with a 17.8% growth.
Singapore's non-oil domestic exports (NODX) was up by 17.9% in October y-o-y, the latest government data showed.
Electronic NODX expanded by 14.9% in October 2021, continuing the 14.1% increase from the previous month. Leading this growth were ICs, PCs, and diodes & transistors by 22.6%, 18.1% and 19.8%, respectively.
Non-electronic NODX, meanwhile, grew by 18.9% in the same month, following 11.4% from the previous month. Non-monetary gold, specialised machinery and petrochemicals contributed the most with 223.2%, 49.3% and 39.1%, respectively.
China, Malaysia, and Taiwan continue to be the largest export markets, growing by 35.6%, 29.4% and 32.7%, respectively. NODX to emerging markets followed suit with a 42.5% expansion. CLMV, South Asia and the Middle East contributed the most with 112.3%, 28.5% and 22.8%, respectively.
Month-on-month, there was a 4.2% increase in NODX in October compared to September. On a seasonally adjusted basis, NODX reached $16.4b, higher than the previously recorded $15.7b.
Trade grows by 24%
Total trade grew by 24%, higher than the 18.6% growth recorded the previous month. Total exports jumped by 22.7%, while total imports followed with a 25.6% increase. On a m-o-m basis, total trade grew by 5.4%, following the 0.2% increase from last month. Total trade was seen at $100.9b, an increase from last month’s $95.8b.
Oil domestic exports rose by 60% m-o-m in October as well, following a 51.1% expansion from the previous month. Higher exports to Australia, Malaysia and Indonesia at 196.4%, 61.6% and 53.3% were the largest contributors of oil domestic exports. In terms of volume, oil domestic exports had a decline by 13.1%.
Non-oil re-exports (NORX) expanded by 17.8% in October as well, following a 16.4% increase in September.
Electronic NORX rose by 15.7% in the same month, due to ICs, telecommunications equipment and PCs growth by 14.3%, 26.2% and 175.2%, respectively. On the other hand, non-electronic NORX also had a 20.4% growth, due to non-electric engines & motors, non-monetary gold and specialised machinery, at 76.7%, 175.2% and 52%, respectively.
On a m-o-m basis, NORX grew by 4.7%, following a 0.5% decline from the previous month. NORX also reached a level of $28.9b, higher than the $27.6b in September 2021.
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