Singapore NODX expanded for the first time in 9 months

It hit 2.8% versus last year.

According to DBS, headline NODX (Oct13) registered its first expansion in nine months and came in much stronger than expected at 2.8% YoY (consensus: -1.1%), on account of a broad-based improvement in various product categories.

While still in the red, growth in electronics export sales has continued to improve against the backdrop of the year end festive season demand and better global economic conditions.

Here's more from DBS:

The recent pick-ups in growth momentum in Eurozone and China have certainly provided significant impetus to sales. Note especially that NODX to China has recorded three consecutive months of double-digit expansion, a clear indication on the rapid growth pace and the exceptionally strong demand from this key market.

Separately, the petrochemical cluster has maintained its robust expansion given new production capacity while the pharmaceutical industry appears to be creeping out of its cyclical doldrums. Non-electronics export sales are likely to continue to record healthy growth in the coming months given the increasingly more conducive external environment.

Although NODX performance has improved, what is worth noting is that non-oil re-exports (NORX) has surged by 26.7% YoY. This is the fastest growth since Jan10. Not only does it reflect a buoyant regional outlook and increased intra-regional trade flows, this will certainly boost sectors such as the wholesale trade and transportation services.

The better than expected NODX performance has provided a positive start to the week. Final 3Q12 GDP numbers this Thursday, which will likely be revised upward, will be the icing to the cake. Plainly, these two sets of numbers have re-affirmed our higher than consensus full year GDP growth forecast of 3.8%.