SINGAPORE’S NON-OIL DOMESTIC EXPORTS RISE 9.1 PCT ON YEAR IN NOV
SINGAPORE, Singaporen authority announced on Monday the country’s non-oil domestic exports (NODX) rose 9.1 percent year on year in November, lower than the revised growth rates of 20.9 percent in October.
International Enterprise Singapore, a government agency that promotes international trade and partners Singapore companies to go global, attributes the month’s growth to the increase in both electronic and non-electronic exports.
On a month-on-month seasonally adjusted basis, NODX rose by 8.7 percent in November to 15.9 billion Singapore dollars (about 11.79 billion U.S. dollars), following the previous month’s 12.3 percent growth, due to the increase in both electronic and non-electronic NODX.
According to the agency, Singapore’s electronic NODX rose 5.2 percent year on year in November, after the revised 4.5 percent expansion in October. Non-electronic NODX grew 10.6 percent year on year, lower than the revised 28.1 percent growth in the previous month.
Among the top NODX markets of Singapore, Chinese mainland, South Korea and the United States were major contributors to the NODX increase in November, according to the authority. The NODX to them grew 27.5 percent, 34.4 percent and 15.3 percent year on year, respectively.
Meanwhile, the non-oil re-exports (NORX) rose by 3.9 percent year on year in November, after a revised 0.9 percent decline in October, due to the higher shipment of electronic and non-electronic re-exports.
Singapore’s oil domestic exports grew by 31 percent year on year in November, following a revised 29.5 percent expansion in the preceding month. Higher sales to Malaysia, Hong Kong and Vietnam contributed the most to the year-on-year increase.
The three markets saw oil domestic exports from Singapore increase 99.5 percent, 38.3 percent and 65.4 percent, respectively.
In volume terms, oil domestic exports increased by 5.2 percent in November, comparing to a revised 12.5 percent rise in October.
The total trade of Singapore grew 10.1 percent year on year in November. Total exports grew by 9.6 percent in the month, and total imports increased by 10.7 percent.
Source: NAM NEWS NETWORK