SINGAPORE – Singapore’s key exports rose for the 12th straight month in November, buoyed by specialised machinery, petrochemicals and petrochemicals, as well as electronic products.
Non-oil domestic exports (Nodx) surged 24.2 per cent year on year, extending the revised 17.8 per cent increase in October and outpacing private sector economists’ median estimate of 15.3 per cent growth in a Bloomberg poll.
Electronics shipments expanded 29.2 per cent in November, against 14.9 per cent in October, according to data released by government agency Enterprise Singapore (ESG) on Friday (Dec 17).
This was due to growth in segments such as personal computers, integrated circuits and disk media products.
Meanwhile, non-electronics exportsrose 22.7 per cent year on year, following the 18.8 per cent increase in October. This was largely due to specialised machinery, petrochemicals and primary chemicals.
On a seasonally adjusted month on month basis, Nodx edged up 1.1 per cent in November, extending the 4.1 per cent growth in October, to hit $16.5 billion.
Last month, ESG upgraded its forecast for Nodx growth to between 9.5 per cent and 10 per cent year on year in 2021, from the previous 7 per cent to 8 per cent projection.
This would mark the fastest pace of growth since 2010, when exports expanded by 22.8 per cent.
Total merchandise trade growth for the year is tipped to come between 17 per cent to 17.5 per cent for 2021.
Nodx to the top markets rose overall in November, even as exports to Thailand declined. China, Taiwan and South Korea were the largest contributors to the rise.
At the same time, exports to emerging markets grew 54.2 per cent in November, continuing the 42 per cent surge in October, supported by demand from the likes of South Asia and Latin America.
Total trade expanded 31.6 per cent in November, following October’s 24 per cent growth. Total exports increased 31.3 per cent, while total imports grew 31.9 per cent.
Trade growth in November reflected the increase of both oil and electronics trade, ESG said, noting that oil trade expanded 120 per cent in November, reversing a 42 per cent decline seen the same month a year ago.
