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Singapore Trade November 2023

Singapore: Non-oil domestic exports rebound in November

Non-oil domestic exports (NODX) rose 1.0% year on year in November, on the heels of October’s 3.5% fall. November’s result marked the strongest reading since September 2022 and stemmed from growth in non-electronics exports which outweighed a prolonged decline in electronics shipments. Growth in non-electronics NODX was largely due to an over 100% rise in pharmaceutical exports. Meanwhile, NODX to Singapore’s top markets declined as a whole in November due to downbeat exports to the EU, Indonesia and Taiwan. In contrast, NODX to China, Hong Kong and the U.S. improved.

In seasonally adjusted month-on-month terms, NODX exports rose 0.3% in November, following October’s 5.7% increase.

Alvin Liew and Jester Koh, economists at UOB, commented on the outlook:

“In 2024, recovery in NODX will largely be driven by base effects given the sharp double digits yoy decline seen from November 2022 to September 2023 but headwinds persist given the still weak external backdrop on tight financial conditions stemming from an elevated interest rate environment.”

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