Singapore total exports up 12% in November

Yet it is a slow growth compared to October's 20% y-o-y growth.

HSBC said that non-oil domestic exports (NODX), a better gauge of value-added, also saw slower growth (10% vs. 35% y-o-y in October). This was well-below our forecast (23.4% y-o-y) and that of consensus (21.5% y-o-y). Moreover, NODX sequential growth turned negative (-13% m-o-m sa vs. 5.8% the month before).

By products, NODX saw slower growth for both electronics exports (11% y-o-y vs. 34% in October) and non-electronics exports (9.5% y-o-y vs. 35% in September). Electronics exports growth slowed for all the top 5 categories, in some cases (parts of ICs) partly reflecting a base effect. For non-electronics, the big drag was our old volatile friend pharmaceuticals, plummeting 34% y-o-y (vs. 26.2% in October).

By markets, NODX growth for the EU slowed markedly (20% y-o-y) following the dizzying 70% y-o-y jump in October. The growth slowdown for the US was of a similar magnitude (13% y-o-y vs. 72.2% the previous month). NODX destined for China also grew at a slower pace, although the slowdown was not as drastic (37% vs. 43% in October). All three markets saw slower growth for both electronics and non-electronics.