Singapore exports rise 17.9% in October, biggest jump in 4 years

SINGAPORE: Singapore's non-oil domestic exports (NODX) rose 17.9 per cent year-on-year in October, the fastest pace since October 2017.

It also marked an 11th straight month of growth. 

Both electronics and non-electronics exports grew, according to data released by Enterprise Singapore (ESG) on Wednesday (Nov 17).

On a month-on-month seasonally adjusted basis, NODX increased by 4.2 per cent in October, following the previous month's increase of 1 per cent.

Electronic exports continued to grow, recording a 14.9 increase on a year-on-year basis in October, driven primarily by integrated circuits and "robust global semiconductor demand", said ESG. 

Integrated circuits, PCs, as well as diodes and transistors, contributed most to the growth in electronic exports. 

Shipments of non-electronic products grew by 18.9 per cent in October, led by non-monetary gold, specialised machinery and petrochemicals. 

EXPORTS TO TOP MARKETS

"NODX to the top markets as a whole rose in October 2021," said ESG, although exports to Thailand, the US and Hong Kong declined. 

The largest contributors to this increase were China, Malaysia and Taiwan. 

Exports to China grew by 35.6 per cent due to non-monetary gold, specialised machinery and petrochemicals

Shipments in Malaysia expanded by 29.4 per cent in October, after the previous month's decline of 4.1 per cent. This was mainly due to integrated circuits, non-monetary gold, as well as diodes and transistors. 

Exports to Taiwan rose by 32.7 per cent due to integrated circuits, specialised machinery and petrochemicals. 

Shipments to emerging markets grew by 42.5 per cent in October. This growth was mainly due to South Asia, Cambodia, Laos, Myanmar and Vietnam, as well as the Middle East.