Non-oil domestic exports grew 3.4% from a year ago, reversing a revised 4.7% drop in October. — The Straits Times
SINGAPORE: Singapore’s key exports enjoyed a rebound in November, beating analyst expectations, as electronics shipments resumed a double-digit expansion.
Non-oil domestic exports (Nodx) grew 3.4% from a year ago, reversing a revised 4.7% drop in October, according to figures released by Enterprise Singapore on Dec 17.
Analysts polled by Bloomberg had expected a 1% fall in Nodx, after the 4.7% decline in October.
This also comes after Singapore in November cut again its 2024 full-year forecast for key export growth to 1% – down from August’s estimate of 4% to 5% – due to a worse-than-expected recovery in the second half of 2024.
For 2025, Nodx is expected to grow by 1% to 3%. November’s rebound came as a result of electronics exports rising 23.2% in November on a year-on-year basis, much faster than the 2.6% growth in October.
Within this segment, integrated circuits, also known as chips or semiconductors, expanded by 28.9%, while disk media products grew by 114.7%.
Personal computers also grew by 75.3%.
However, non-electronics exports continued to contract in November, by 1.6%, although this was an improvement from the 6.8% drop in the previous month.
The decline was driven by the volatile pharmaceutical segment, which fell by 63.8%.
Meanwhile, petrochemicals fell by 5.3%, and paper and paperboard dropped by 89.9%. On a month-on-month seasonally adjusted basis, Nodx expanded by 14.7% in November, after the 7.5% decline in the previous month. — The Straits Times/ANN
