Singapore Trade December 2016


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.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% in 2017, which would bring exports to a total of USD 353 billion. For 2018, the panel foresees exports growing 5.8% and reaching a total of USD 373 billion by the end of the year.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade December 2016

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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