Singapore’s exports grow for 10 straight months

Singapore’s exports grow for 10 straight months

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  • Singapore’s non-oil domestic exports (NODX) grew 12.3% year-on-year in September as both electronics and non-electronics shipments expanded
  • The electronic NODX expanded by 14.4% year-on-year in September, extending the 16.7% increase in the previous month
  • The non-electronic NODX grew by 11.7% in September, a reversal from the 1.4% decline in August

Singapore’s non-oil domestic exports (NODX) grew for the 10th consecutive month in September, expanding 12.3% year-on-year on the back of growth in both electronics and non-electronics shipments, Enterprise Singapore announced.

This is a faster growth than the 2.7% increase recorded in August, the slowest since November last year.

The electronic NODX expanded by 14.4% year-on-year in September, extending the 16.7% increase in the previous month. ICs, PCs and telecommunications equipment rose by 7.0%, 45.4% and 45.4%, respectively, contributing the most to the growth in electronic NODX.

Meanwhile, the non-electronic NODX grew by 11.7% in September, a reversal from the 1.4% decline in August. Petrochemicals, specialized machinery and pharmaceuticals contributed the most to the growth in non-electronic NODX6.

On a month-on-month seasonally adjusted basis, Singapore’s NODX increased by 1.2% in September to SGD15.7 billion (about US$11.64 billion), after the previous month’s 3.5% decrease.

Singapore’s non-oil re-exports (NORX) grew by 16.4% year-on-year in September, following the 19% rise in August. Both electronic and non-electronic NORX grew.

Last week, the Ministry of Trade and Industry said the economy grew by 6.5% year-on-year in the third quarter of 2021, moderating from the 15.2% growth in the previous quarter.

On a quarter-on-quarter seasonally adjusted basis, the Singapore economy expanded by 0.8% in the third quarter of 2021, a reversal from the 1.4% contraction in the preceding quarter.

The quarterly gain is an indication that, sequentially, the economy is on track for above-trend growth in the quarters ahead, industry watchers said.

Photo by Mike Enerio

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