Singapore exports up 12.3% to $15.7b in September

Re-exports also saw an increase of 16.4% in the same month.

The non-oil domestic exports (NODX) saw a year-on-year increase of 12.3% in the month of September 2021, Enterprise Singapore said in a media release. This follows the 10.2% expansion in August 2021.

On a seasonal basis, NODX grew over the month by 1.2%. The level of NODX reached $15.7b, higher than the previous month’s $15.5b.

Electronic NODX expanded by 14.4% year-on-year, 16.7% month-on-month. Integrated circuits, personal computers, and telecommunications equipment saw a rise of 7%, 45.4%, and 45.4%, respectively. These contributed the most growth in electronic NODX.

Non-electronics, such as petrochemicals, specialised machinery, and pharmaceuticals led the increase with contributions of 52.8%, 34.9%, and 27.3%, respectively.

The top markets in NODX were China, the US, and South Korea, at 38.9%, 22.2%, and 61.6%, respectively. Emerging markets also expanded by 41.4% in the same month, following the 2.7% growth in August 2021.

Meanwhile, the non-oil retained imports of intermediate goods increased by $0.1b from $5.6b in the previous month to hit $5.7b in September 2021. 

Oil domestic exports also increased by 51.1% in September, following the 56.3% expansion from the previous month. 

Higher oil exports to Australia, Malaysia, and Hong Kong also contributed with year-on-year growths of 259.6%, 87.5%, and  72.5%.

In terms of volume, oil domestic exports saw a decline by 9.1% after last month’s 2.8% increase from the previous month. 

The non-oil re-exports also expanded by 16.4% in the same month after the 19% increase in August. This was due to the rise of both electronics and non-electronics.

Total trade also grew by 18.7% in September 2021 as an extension of the 19.8% growth. Total exports rose by 18.7%, whilst total imports increased by 18.7%.

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