The chemicals sector grew +29.5%.
The chemicals sector drove the growth of Singapore's non-oil domestic exports (NODX) in October as it grew by +29.5%, Maybank Kim Eng revealed.
In a report, it said that the sector's growth spiked from the 8.2% decline in September. It comprised 28% of the total NODX.
The increase was driven by stronger momentum in petrochemicals, which grew +23% in October compared to +12% in September, and the recovery in pharmaceuticals, which showed +25% growth after six consecutive months of steep decline.
Electronics exports recovered as three of the major products were back in the black after the decline in September.
Integrated circuits grew by +15%, disk media products gained +29%, and PCs increased by +13%.
However, RHB Research said the electronic NODX is on a slowing trend.
Meanwhile, parts of PCs, which fell -34%, and diodes and transistors, which dropped -29%, extended their decline for a second month.
RHB Research commented, "For next year, we project for NODX to slow but remain resilient (+6.7% YoY), supported by the iPhone X sales cycle, increased production of smartphone antenna chips, as well as rising demand for capital goods globally."
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