Singapore's November Non-Oil Exports up 9.1% On-Year; Beating Expectations
By Saurabh Chaturvedi
SINGAPORE–Singapore’s key non-oil exports rose at a slower pace in November, partly due to some softness in non-electronics exports, though the result was well above expectations.
Exports of goods made in Singapore rose 9.1% in November compared with a year earlier, after a revised 20.5% rise in October, trade promotion agency International Enterprise Singapore said Monday.
The median estimate from a Wall Street Journal poll of nine economists was for November exports to expand 5.5% from a year earlier.
Compared with the previous month, exports rose 8.7% in seasonally adjusted terms, after expanding a revised 12.3% in October. The economists’ poll had projected a 1.6% contraction in November.
Electronics exports rose 5.2% from a year ago, after rising 4.5% in October, while non-electronics shipments grew 10.6%, compared with a revised 28.1% increase in the previous month.
In the non-electronics sector, pharmaceutical exports rose 3.2% from a year ago, slowing from a 25.1% rise in the previous month.
The city-state’s shipments to China, its biggest export destination, jumped 27.5% in November from a year earlier, decelerating from a 53.3% gain in the previous month, IE Singapore said.
Exports to the European Union rose 10.1% from a year ago after rising 26.1% in October. Exports to the U.S. rose 15.3% after the previous month’s 17.3% increase.
Write to Saurabh Chaturvedi at [email protected]