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Singapore Trade Balance October 2021

Singapore: Non-oil domestic exports (NODX) growth rises in October

Non-oil domestic exports (NODX) grew 17.9% year-on-year in October, accelerating from September’s 12.0% increase. The result marked the eleventh 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 South Korea 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 4.2% in October, up from September’s 1.0% rise.

Looking ahead, Nicholas Mapa, economist at ING, commented:

“October’s NODX growth benefited from the low base recorded in 2020 while also getting a hefty boost from the outsized jump in petrochemical shipments. Given the start-stop nature of the global recovery, the yoy changes remain volatile and susceptible to further swings in the months ahead. Nonetheless, the strong showing for October NODX points to an upbeat outlook for Q4 GDP.”

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