Singapore: Exports continue to grow strongly in December
January 17, 2017
In December, Singapore's non-oil domestic exports (NODX) grew 9.4% from the same month last year, following November’s stronger 11.5% expansion. The result surprised vastly on the upside, beating market expectations of a 5.8% expansion.
December’s reading resulted from expansions in six out of the country’s top ten export markets—all except the U.S., Japan, the EU and Malaysia. It reflected a strong expansion in shipments of non-electronic NODX and an increase in exports of electronic products. Exports of electronic products grew 5.7%, which followed the 3.5% increase seen in the previous month. Meanwhile, non-electronic exports grew 11.3%, which followed November’s 15.3% expansion.
On a month-on-month seasonally-adjusted basis, exports expanded 1.0% in December, a sharp deceleration from November’s 13.0% growth.