17-12-2024 (SINGAPORE) Singapore’s export performance rebounded significantly in November, with non-oil domestic exports (NODX) marking a 3.4 per cent increase, a welcome turnaround from October’s revised 4.7 per cent decline. The figures, released by Enterprise Singapore, notably surpassed market expectations, with analysts having predicted a 0.7 per cent drop.
The electronics sector emerged as the primary driver of growth, posting a remarkable 23.2 per cent year-on-year expansion, substantially higher than October’s 2.6 per cent increase. Integrated circuits led the charge with a 28.9 per cent uptick, whilst disk media products and personal computers recorded extraordinary growth rates of 114.7 per cent and 75.3 per cent respectively.
However, the non-electronics segment continued to face headwinds, declining by 1.6 per cent, though this represented an improvement from October’s 6.8 per cent fall. The pharmaceutical sector experienced a sharp contraction of 63.8 per cent, whilst petrochemicals dipped by 5.3 per cent. Paper and paperboard exports saw a dramatic decline of 89.9 per cent.
Regional trade patterns showed significant variation, with robust growth in exports to several Asian markets. Taiwan emerged as the standout destination, recording a 42.7 per cent increase, followed by Hong Kong at 35.3 per cent and Malaysia at 24.4 per cent. In contrast, traditional trading partners including the United States, China, Japan, Thailand and the European Union witnessed decreases in export volumes.
The overall trade landscape showed encouraging signs, with total trade expanding by 5 per cent year-on-year, reversing the previous month’s 2.2 per cent decline. Both exports and imports contributed to this growth, rising by 5.1 per cent and 4.9 per cent respectively.
