Chart of the Day: Electronic exports rebound for the first time in two years

Find out the key markets which drove growth.

Electronics rebounded for the first time in over two years in December, to close off a dismal 2014 on a positive.

According to a report by Maybank Kim Eng, despite only eking out +0.4% YoY growth in December 2014, it was a welcome respite for the overall electronic cluster as it witnessed strong shipment in ICs (+12.7%), PCs (+52.9%) and Telecom Equipment (+64.5%), all YoY.

In 2014, total electronic NODX was valued at SGD48.3b (2013: SGD 53.2b) making up 29% of total NODX as it marginally narrowed its decline to -9.4% from -11.3% in 2013.

Here’s more from Maybank Kim Eng:

By markets, South Korea was the biggest driven of export growth in Dec 2014 with shipment expanding by +34.4% YoY (Nov 2014: -3.0% YoY), propelled by specialized machinery, PCs and ICs.

Shipments to Malaysia was the second largest contributor to export growth as it gained by +9.5% YoY (Nov 2014: +15.1% YoY) driven by petrochemicals, primary chemicals and electrical machinery.

Shipments to China faltered for a second month as it contracted by -7.8% YoY (Nov 2014: -7.1% YoY) followed by declines in NODX to the US (Dec 2014: -6.8% YoY; Nov 2014: -11.1% YoY) and Japan (Dec 2014: -6.9% YoY; Nov 2014: -8.0% YoY).