Uptick in electronics exports gives unexpected boost to December NODX

NODX climbed 2.3% last month.

A surprising turnaround in electronics exports boosted Singapore’s December NODX figure. Non-oil domestic exports climbed 2.3% year-on-year last month, beating consensus estimates of a 2.2% contraction.

According to UOB, Electronics exports led the upside surprise as it managed to etch out a +0.4%y/y growth, halting the 28 straight months of contraction.

Non-electronic exports also contributed to the headline improvement with a 3.2%y/y increase. That said, on a seasonally-adjusted m/m basis, NODX gained for the third straight month with a 0.1%m/m increase, following the 2.1% and 1.1% rise in November and October.

Non-oil re-exports (NORX) continued to increase 8.7%y/y in December, after the 3.5%y/y increase in November, as both electronic NORX (10.9% y/y) and non-electronic NORX (6.3% y/y) registered better increases from the preceding month. However, on a m/m SA basis, NORX declined 1.3% following the 4.0% expansion in November.