Singapore Trade Balance


December exports jump on pharmaceutical sector

In December, non-oil domestic exports (NODX) expanded 9.0% over the same month the year before, which came in above the revised 1.4% increase tallied in November (previously reported: +1.6% year-on-year). The strong reading marked, in fact, the fastest pace since January 2011 and contrasted market expectations that had exports contracting 1.2%. The improvement was entirely driven by stronger exports of non-electronic products, which picked up from a 2.2% increase in November to 16.7% in December amid strong pharmaceutical sales. In contrast, electronic exports contracted 4.6% (November: +0.1% yoy). A month-on-month comparison corroborates the improvement suggested by the annual figures, as exports expanded a robust seasonally adjusted 16.4%, which is well above the 5.8% increase recorded in November.


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