Singapore NODX up 9% in December 2024

NORI also increased from $2.8b in November to $5.4b in December.

Non-oil domestic exports (NODX) grew 9% year-on-year (YoY) in December 2024, up from 3.4% in November, as per data from Enterprise Singapore. Growth was recorded in both electronics and non-electronics exports.

On a month-on-month seasonally adjusted basis, NODX rose 1.7% in December, following a 14.7% jump in November. Non-electronics grew whilst electronics declined. The seasonally adjusted NODX level reached $15.8b, higher than November’s $15.5b and December 2023’s $14.6b.

NODX to the United States rebounded sharply by 30.7% in December, recovering from a 19.4% contraction in November. Key contributors included non-monetary gold, which surged, alongside food preparations (+114.3%) and non-electric engines and motors (+113.9%). Exports to Taiwan expanded by 50.8%, building on the 42.7% growth in November. This was driven by specialised machinery (+246.2%), measuring instruments (+105.9%), and personal computers (+270.6%). Moreover, NODX to Malaysia also rose by 24.2%, maintaining momentum after November’s 24.4% growth. Key contributors included integrated circuits (+62.2%), other computer peripherals, and non-monetary gold (+105.2%).

Meanwhile, non-oil retained imports of intermediate goods (NORI) increased from $2.8b in November to $5.4b in December, surpassing December 2023’s $3.3b.

Total trade rose 19% in December, up from 4.9% growth in November, with both exports and imports contributing to the increase.