SINGAPORE’S non-oil domestic exports (NODX) grew 9 per cent year on year, as both electronics and non-electronics shipments rose, data from Enterprise Singapore (EnterpriseSG) showed on Friday (Jan 17).
This was also an extension of the previous month’s 3.4 per cent rise and surpassed the estimates of private-sector economists, who were anticipating a 7.8 per cent year-on-year growth.
On a seasonally adjusted monthly basis, NODX expanded 1.7 per cent in December to S$15.8 billion, extending the previous month’s 14.7 per cent growth.
Shipments of electronics products grew 18.6 per cent on the year, extending November’s 23.1 per cent surge. The expansion was mostly led by ICs (23.4 per cent), PCs (83.6 per cent), and disk media products (44 per cent), said EnterpriseSG.
Meanwhile, non-electronic shipments expanded 6.6 per cent, reversing November’s 1.6 per cent decline. Non-monetary gold (67.6 per cent), food preparations (61.5 per cent) and specialised machinery (19.9 per cent) contributed the most to growth.
NODX to eight of Singapore’s top 10 key markets grew in December, with EU 27 and China the exceptions.
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Shipments to the United States recorded the largest increase at 30.7 per cent year on year, reversing the previous month’s 19.4 per cent contraction.
This was followed by exports to Taiwan, which grew 50.8 per cent – compared with 42.7 per cent previously – while exports to Malaysia rose 24.2 per cent, compared with 24.4 per cent before.
Conversely, exports to the EU 27 and China recorded declines of 26 per cent and 12.7 per cent year on year.
Overall, total trade increased by 19 per cent year on year last month, extending November’s 4.9 per cent expansion. On a seasonally adjusted basis, total trade rose 5.4 per cent in December, continuing the previous month’s 8.9 per cent growth.
