Singapore: Exports rebound strongly in November
December 17, 2016
In November, non-oil domestic exports (NODX) in Singapore grew 11.5% from the same month last year, contrasting October’s 12.0% fall. The result surprised vastly on the upside, beating market expectations of a 3.0% decrease and marked the highest result since March 2015.
November’s reading resulted from expansions in seven out of the country’s top ten export markets—all except Japan, Thailand and Indonesia. It reflected a strong expansion in shipments of non-electronic NODX and an increase in exports of electronic products. Exports of electronic products grew 3.5%, which contrasted the 6.0% contraction seen in the previous month. Meanwhile, non-electronic exports grew 15.3%, which strongly contrasted October’s 14.6% contraction.
On a month-on-month seasonally-adjusted basis, exports expanded 13.1% in November, which contrasted October’s 3.6% contraction.