Singapore exports rise 12.3% in September, marking 10 straight months of growth

SINGAPORE — Singapore's non-oil domestic exports (NODX) rose 12.3 per cent in September, marking a 10th straight month of growth.

Growth was mainly due to non-electronics, although electronic exports also rose, according to data released by Enterprise Singapore (ESG) on Monday (Oct 18).

On a month-on-month seasonally adjusted basis, NODX increased by 1.2 per cent in September, after the previous month’s 3.5 per cent decrease.

Electronic shipments expanded 14.4 per cent on a year-on-year basis in September, driven by integrated circuits, personal computers and telecommunications equipment.

Shipments of non-electronic products increased 11.7 per cent in September from a year ago, led by petrochemicals, specialised machinery and pharmaceuticals.

EXPORTS TO TOP MARKETS

Exports to the top markets as a whole rose in September, said ESG, although exports to the EU 27, Malaysia and Thailand declined.

The largest contributors to this increase were China, the United States (US) and South Korea.

Exports to China grew by 38.9 per cent due to non-monetary gold, petrochemicals and integrated circuits.

Shipments to the US expanded by 22.2 per cent in September due to pharmaceuticals, specialised machinery and miscellaneous manufactured articles.

Exports to South Korea rose by 61.6 per cent due to specialised machinery, integrated circuits and telecommunications equipment.

Exports to emerging markets grew by 41.4 per cent in September following the 2.7 per cent expansion in August. This growth in NODX to emerging markets was mainly due to South Asia, Cambodia, Laos, Myanmar and Vietnam, as well as the Middle East.

Singapore's economy grew at a slower pace of 6.5 per cent year-on-year in the third quarter of 2021, according to advance estimates from the Ministry of Trade and Industry (MTI) last Thursday. CNA

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