Non-oil domestic exports rise 1.0% YoY in November

Enterprise Singapore attributed the increase to a low base a year ago.

Non-oil domestic exports (NODX) expanded in November by 1.0% YoY, following a 3.5% contraction in October. Enterprise Singapore attributed the increase to a “low base a year ago.”

Non-electronic NODX likewise grew in November, rising by 5.2% YoY.

The growth in non-electronic NODX was due to expansions in pharmaceuticals (+118.9%),
non-monetary gold (+106.5%) and miscellaneous manufactured articles (+39.1%).

On the flip side, electronics NODX declined at a faster pace, falling by 12.7% YoY in November.

ICs, PCs and diodes & transistors, which contracted by 18.0%, 47.8% and 13.6%, respectively, contributed the most to the decrease in electronic exports.

Despite the overall increase in NODX, exports to Singapore’s top markets fell in November, with Taiwan (-40.0%), the EU 27 (-21.7%) and Indonesia (-23.6%) being the largest contributors to the decline.

Unlike NODX, oil domestic exports declined in November, falling 2.7% YoY. 

Non-oil re-exports (NORX), on the other hand, rose 5.7% YoY.

With the increase in total exports (+2.8% YoY) and a 2.5% YoY decline in total imports, total trade grew by 0.3% YoY in November.