Singapore Trade Balance


Exports unexpectedly rebound in November

In November, non-oil domestic exports (NODX) increased 1.6% over the same month last year. The reading came in stark contrast to the revised 16.3% contraction tallied in October (previously reported: -16.2% year-on-year) and surprised the market on the upside, as analysts had expected a 1.2% decline. The rebound over the previous month was underpinned by stronger exports of both electronic and non-electronic products. Electronic product exports swung from a 31.2% contraction in October to a 0.1% increase and non-electronic exports moved from a 6.9% contraction to a 2.4% increase. A month-on-month comparison corroborates the improvement suggested by the annual figures, as exports expanded a strong seasonally adjusted 5.9%, contrasting the 6.0% contraction recorded in October.


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