Singapore trade grows 0.3% in October

Exports rose by 2.8% whilst imports declined by 2.3%.

Singapore recorded a marginal 0.3% trade growth year-on-year in October 2023, following a 12.5% decline in the previous month, according to data from Enterprise Singapore.

Total exports rose by 2.8% in the same month up from the 12.8% decline in September 2023.

Total imports declined by 2.3%, following the previous month’s 12.2% contraction.

NODX in October 2023 declined 3.4% YoY in both electronics and non-electronics sectors.

In the same month, NODX grew by 3.4% MoM SA from 11.1% in the previous month in both electronics and non-electronics  domestic exports.

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NORX rose by 2.5% in October 2023, following a 11.8% decline in September 2023 

Electronic NORX rose by 1.3% YoY from a 15.1% decline in September 2023. This was due to the growth in ICs (+12.9%), other computer peripherals (+20.4%), and capacitors (+15.9%). 

Non-electronic NORX rose by 3.8% YoY in October 2023 from a 7.8% decrease in September 2023. This is due to the growth in non-electric engines & motors (+36.9%), pharmaceuticals (+118.7%), and specialised machinery (+13.1%)

The top contributors to NORX’s decline were Malaysia (-28.1%), the EU 27 (-31.8%), and the US (-9.1%).