Singapore's exports jump 20.9% in October

Singapore's exports jump 20.9% in October

SINGAPORE: Non-oil domestic exports (NODX) in Singapore jumped by 20.9 per cent year-on-year in October, according to statistics released by trade agency International Enterprise (IE) Singapore on Friday (Nov 17).

The increase, which was due to an increase in both electronic and non-electronic exports, reversed the 1.1 per cent dip in September.

On a month-on-month seasonally adjusted basis, exports also rose 12.5 per cent, reversing the previous month's 11.0 per cent decline. This was due to the growth in both electronic and non-electronic exports, IE Singapore said.

Electronic shipments expanded 4.5 per cent in October, following a 8.0 per cent decline in September. The increase was largely due to ICs, disk media products and PCs, which grew by 15.4 per cent, 28.8 per cent and 13.0 per cent, respectively, IE Singapore said.

Non-electronic shipments rose 28.5 per cent, following a 1.9 per cent increase in the previous month. Non-monetary gold, petrochemicals and pharmaceuticals increased by 591.5 per cent, 22.9 per cent and 25.1 per cent respectively, contributing most to the increase.

Exports to all of Singapore's top 10 markets, except Taiwan, Hong Kong and Indonesia grew last month, IE Singapore said. Shipments to China, Singapore's biggest export market, expanded by 53.3 per cent, while exports to EU 28 and Malaysia also increased by 26.1 per cent and 22 per cent respectively.

Non-oil re-exports declined by 0.9 per cent year-on-year, following a 0.6 per cent growth in September due to the lower shipment of non-electronic re-exports. Shipments of electronic re-exports increased while shipments for non-electronic re-exports declined, IE Singapore said.