Singapore exports see biggest jump in nearly 10 years, surge 24.2% in November

SINGAPORE: Singapore’s non-oil domestic exports (NODX) surged 24.2 per cent year-on-year in November, marking the biggest jump in nearly a decade and 12th straight month of growth.

The rise extended the 17.8 per cent increase in the previous month, and is the highest since February 2012.

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

On a month-on-month seasonally adjusted basis, NODX increase by 1.1 per cent in November, following the previous month’s increase of 4.1 per cent. 

Electronic exports continued to grow, recording a 29.2 per cent increase on a year-on-year basis, driven primarily by integrated circuits, personal computers and disk media products, said ESG. 

Shipments of non-electronic products grew by 22.7 per cent, led by specialised machinery, petrochemicals and primary chemicals. 

EXPORTS TO TOP MARKETS 

"NODX to the top markets as a whole rose in November 2021," said ESG, although exports to Thailand declined. 

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

Exports to China grew by 45.3 per cent due to specialised machinery, petrochemicals and pharmaceuticals. 

Shipments to Taiwan expanded by 36.5 per cent due to integrated circuits, measuring instruments and petrochemicals. 

Exports to South Korea rose by 57.9 per cent due to specialised machinery, integrated circuits and personal computers. 

Shipments to emerging markets grew by 54.2 per cent. This growth was mainly due to South Asia, Cambodia, Laos, Myanmar and Vietnam, as well as Latin America. 

On a year-on-year basis, total trade expanded by 31.6 per cent in November, extending the 24 per cent growth in the preceding month.

Total exports went up by 31.3 percent, while total imports grew by 31.9 per cent.