NODX to China hits a record $3.1b in October

Thanks to non-monetary gold, petrochemicals, and measuring instruments.

Singapore's non-oil domestic exports (NODX) to China grew 53.3% YoY and hit a record high of $3.1b in October.

According to an analysis by Maybank Kim Eng and RHB Research, this was underpinned by higher demand for non-monetary gold, petrochemicals, and measuring instruments.

Singapore's other top markets included the EU, which grew +26%, and Malaysia, which grew +22%.

"NODX to the EU was boosted by purchases of pharmaceuticals and medical apparatus," RHB said.

Meanwhile, NODX to emerging markets, which comprised 13% of the total rebounded strongly by +32% after two months of decline. This was mainly supported by exports to Cambodia, Lao PDR, Myanmar, and Vietnam (CLMV) countries, which grew +58%.