Singapore's exports jump 17% in fourth straight month of growth

Singapore's exports jump 17% in fourth straight month of growth

Singapore Port
A view of the container port in Singapore. (File photo: MPA)

SINGAPORE: Non-oil domestic exports (NODX) in Singapore jumped by 17 per cent year-on-year in August, the fourth consecutive month of growth, according to statistics released by trade agency International Enterprise (IE) Singapore on Monday (Sep 18).

The increase, which was due to an increase in both electronic and non-electronic exports, extends the 7.6 per cent growth in July.

On a month-on-month seasonally adjusted basis, exports also rose 4.5 per cent, reversing the previous month's 3.3 per cent decline. This was due to the growth in both electronic and non-electronic exports, IE Singapore said.

Electronic shipments were up for the 10th consecutive month on a year-on-year basis, expanding 21.7 per cent in August, following a 15.3 per cent growth in July. The increase was largely due to ICs, disk media products and parts of ICs, which grew by 36.8 per cent, 13.3 per cent and 44.8 per cent, respectively, IE Singapore said.

Non-electronic shipments also rose 15 per cent, following a 4.4 per cent increase in the previous month. Non-monetary gold, petrochemicals and specialised machinery increased by 137.7 per cent, 31.9 per cent and 44.9 per cent respectively, contributing most to the increase.

Exports to all of Singapore's top 10 markets, except Taiwan, grew last month, IE Singapore said. Shipments to China, Singapore's biggest export market, expanded by 43.2 per cent, while exports to Hong Kong and South Korea also increased by 41.9 per cent and 62 per cent respectively.

Non-oil re-exports rose by 11.9 per cent year-on-year, following a 16.7 per cent expansion in July. Shipments of both electronic and non-electronic re-exports increased, IE Singapore said.

Source: CNA/mz