Singapore Trade November 2017


Singapore: Exports continue to grow robustly in November

December 18, 2017

Non-oil domestic exports (NODX) expanded 9.1% in annual terms in November, following October’s impressive 20.5% jump. The result was influenced by a high base effect from the previous year and comfortably beat market expectations of a 5.5% expansion.

November’s reading resulted mainly from soaring demand from China, Japan, South Korea and Indonesia. On the other hand, demand from Hong Kong and Taiwan continued to contract. Looking at the sector-by-sector picture, growth in exports of non-electronic products moderated from 28.1% in October to 10.6% in November, driven by exports of non-monetary gold, specialized machinery and primary chemicals. Meanwhile, exports of electronic goods expanded 5.2% in November, up from the 4.5% rise in the previous month.

On a month-on-month seasonally-adjusted basis, exports grew 8.7% in November, following October’s 12.3% increase.

FocusEconomics Consensus Forecast panelists see nominal exports expanding 3.4% in 2018, which would bring exports to a total of USD 380 billion. For 2019, the panel sees exports growing 3.5% and reaching a total of USD 395 billion.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade November 2017

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

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