Singapore: Non-oil domestic exports (NODX) end year on a strong footing
Non-oil domestic exports (NODX) grew 18.4% year-on-year in December, slowing from November’s 24.2% increase. The result marked the thirteenth successive month of growth—driven by a continued increase in electronics exports—and came in above market expectations. In terms of markets, exports to China, Indonesia, Malaysia and Thailand grew in a sign of continued strength in regional demand, while exports to the U.S. fell.
In seasonally-adjusted month-on-month terms, NODX exports increased 3.7% in December, up from November’s 1.0% rise. Overall, NODX exports grew 12.1% during 2021 as a whole, rising notably from 2020’s 4.3% year-on-year growth.
Looking ahead, Nicholas Mapa, economist at ING, commented:
“NODX will likely see some moderation in early 2022. The December NODX report indicated a slowdown in shipments to China and Taiwan while exports to Korea and the United States contracted by 16.4% and 25.6%, respectively. The contraction in shipments to Korea and the US coincided with the slowdown in electronics shipments for the month. Should these trends persist into 2022, possibly due to the surge in Covid-19 cases across the globe, NODX growth could moderate to start the year.”