Singapore's exports jump 13% year-on-year in January

Singapore's exports jump 13% year-on-year in January

Non-oil domestic exports (NODX) in Singapore rose by 13 per cent year-on-year in January, according to statistics released by trade agency International Enterprise (IE) Singapore on Thursday (Feb 15). 

SINGAPORE: Non-oil domestic exports (NODX) in Singapore rose by 13 per cent year-on-year in January, according to statistics released by trade agency International Enterprise (IE) Singapore on Thursday (Feb 15).

This was better than the 9.0 per cent increase predicted by economists in a Reuters poll.

The growth, which follows a 3.1 per cent increase in December last year, was due to the increase in non-electronic exports, as electronics declined.

On a month-on-month seasonally adjusted basis, exports decreased by 0.3 per cent in January this year following the previous month's 1.9 per cent decline. This was due to the decrease in electronic exports which outweighed the growth in non-electronic exports, said IE Singapore.

Electronic shipments declined for a second month, decreasing by 3.9 per cent in January following the 5.3 per cent decline last December. 

The decline was largely due to ICs, parts of PCs and disk drives, which declined by 10 per cent, 31.4 per cent and 39.4 per cent respectively and which contributed the most to the decrease in electronic exports, said IE Singapore.

Non-electronic shipments rose 20.7 per cent year-on-year in January, following a 6.8 per cent increase the previous month and marking the eight straight month of growth.

January's increase was largely due to non-electric engines and motors, food preparations and measuring instruments, which grew by 383.6 per cent, 100 per cent and 43.2 per cent respectively.

Exports to Singapore's top 10 markets grew as a whole year-on-year in January, although shipments to Taiwan and Thailand declined. Growth was led by the United States, EU 28 and Japan.

Non-oil re-exports (NORX) grew by 4.9 per cent in January due to the higher shipment of both electronic and non-electronic re-exports, after a 7 per cent decline the previous month.

Source: CNA/nc

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