Singapore Trade


Singapore: Growth in exports quickens in December

January 16, 2015

In December, non-oil domestic exports (NODX) rose 2.3% over the same month of the previous year. The print came in notably above the 0.8% increase tallied in November and marked a four-month high.

The result reflected an increase in both electronic and non-electronic exports. According to International Enterprise (IE) Singapore, non-electronic exports expanded 3.2% annually in December, which was below the 6.2% rise tallied in November. Meanwhile, exports of electronic products increased 0.4%, which contrasted the steep 10.2% drop tallied in November.

A month-on-month comparison does not corroborate the annual figures. Export growth decelerated to 0.1% in December, down from a 2.1% expansion tallied in November.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 2.4% in 2015, which would bring exports to a total of USD 456 billion. For 2016, the panel projects exports to grow 10.3%, for a total of USD 503 billion.

Author:, Economist

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Singapore Trade Chart

Singapore Trade December 2014 0

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

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