Singapore: Exports rebound in October
November 18, 2013
In October, non-oil domestic exports (NODX) rose 2.8% over the same month last year, which contrasted both the 1.2% contraction recorded in September and the 3.1% fall the markets had expected. In addition, the figure represents the highest increase in a year.
According to International Enterprise (IE) Singapore, the expansion came mainly on the back of improvements in exports of electronic products (October: -1.4% year-on-year; September: -5.5% yoy), as well as in non-electronic products (October: +4.9% yoy; September: +0.8% yoy).
On a monthly basis, exports rose a seasonally-adjusted 3.2%, which was down from the 5.6% increase recorded in September.
FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% this year, which would bring exports to a total of USD 442 billion. For next year, the panel projects exports to grow 8.2%, for a total of USD 478 billion.
Author: Dirina Mançellari, Senior Economist