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Singapore non-oil domestic exports beat expectations to rebound by 20.9% in October
SINGAPORE'S exports staged a strong comeback in October, surging 20.9 per cent from the same month a year earlier as a strengthening global outlook continued to boost trading activity.
The rise in non-oil domestic exports (NODX) blew past economist estimates of a 10 per cent expansion according to a Reuters poll of 11 analysts. It also made up for an unexpected 1.1 per cent decline in September following five straight months of growth, attributed mainly to a surprise drop in electronics shipments.
October's strong growth partly reflected a low base a year earlier, with both electronic and non-electronic shipments picking up year-on-year.
Electronic exports increased by 4.5 per cent after an 8 per cent decline in the preceding month, while non-electronic shipments expanded by 28.5 per cent following 1.9 per cent growth previously.
However, non-oil re-exports - often seen as a proxy for the wholesale trading segment - dipped 0.9 per cent year-on-year in October following growth in the preceding months.
Shipments to most of Singapore's top export markets went up, with the exception of Taiwan, Hong Kong and Indonesia. Growth was led by exports to China, the European Union and Malaysia.
The strong showing in NODX comes as manufacturers here continue to benefit from a pick-up in global demand, especially for electronics-related shipments. The sector makes up a fifth of the Singapore economy and has been its brightest spot this year.