Singapore Trade Balance September 2021


Singapore: Non-oil domestic exports (NODX) growth increases in September

October 18, 2021

Non-oil domestic exports (NODX) grew 12.3% year-on-year in September, accelerating significantly from August’s 2.7% increase. The result marked the tenth successive month of growth—driven by a continued increase in electronics exports—and came in well above market expectations. In terms of markets, exports to China, Indonesia, Taiwan and South Korea grew in a sign of continued strength in regional demand, while exports to the EU fell.

In seasonally-adjusted month-on-month terms, NODX exports increased 1.2% in September, contrasting August’s 3.5% decrease.

Looking ahead, Euben Paracuelles and Charnon Boonnuch, economists at Nomura, commented:

“We maintain our 2021 GDP growth forecast of 7.1%, above the official forecast range of 6.0%–7.0% and the consensus forecast of 6.5%. Our view is premised on a still-strong manufacturing sector, driven by the sustained tech uptrend. This was also evident in the continued increase in PMI for electronics. We think the slower-than-expected rebound in pharmaceutical exports in September was partly explained by the change in product mix, which tends to result in a temporary slowdown in production. Further out, we expect pharmaceuticals exports to remain robust, boosted by global vaccine demand.”

FocusEconomics Consensus Forecast panelists project exports to total USD 511.0 billion in 2022 and rise to USD 568.0 billion in 2023.

Author:, Economist

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Singapore Trade Balance Chart

Singapore Trade September 2021

Note: Year-on-year and seasonally-adjusted month-on-month variation of non-oil domestic exports in %.
Source: Statistics Singapore (Singstat), International Enterprise (IE) Singapore and FocusEconomics calculations.

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