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Singapore's external trade up 11.5 pct in November

by December 16, 2016 General

SINGAPORE, Dec. 16 (Xinhua) — Singapore’s non-oil domestic exports (NODX), a key gauge of the export performance of the small and highly open economy, grew 11.5 percent in November year-on-year, International Enterprise (IE) Singapore said on Friday.

In contrast to a 12-percent decline in the previous month, November’s growth was due to the increase in both electronic and non-electronic NODX, according to IE Singapore.

On a month-on-month seasonally adjusted basis, NODX rose 13.1 percent in November, compared with a 3.6-percent decrease in the previous month, said IE Singapore.

The trade promotion agency said that electronic NODX grew 3.5 percent in November year-on-year, compared to a 6.0-percent decline in the previous month. The increase in electronic domestic exports was largely due to ICs, parts of PCs and disk media products.

While non-electronic NODX expanded by 15.3 percent in November year-on-year, in contrast to a 14.6-percent decline in the previous month. The increase in non-electronic NODX was led by pharmaceuticals, specialized machinery and petrochemicals.

IE Singapore said NODX to the majority of the top 10 markets, except Japan, Thailand and Indonesia, expanded in November on a year-on-year basis. The largest contributors to the increase in NODX were the EU and China.

Non-oil Re-exports (NORX) rose 3.1 percent in November year-on-year, compared to a 9.0-percent drop in the previous month, due to an increase in non-electronic NORX which outweighed the contraction in electronic NORX.