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Singapore Trade Balance September 2021

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

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.”

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