SINGAPORE’S key exports continued its upward climb in September as both electronics and non-electronics shipments rose.
Non-oil domestic exports (NODX) grew 2.7 per cent year on year for in September, extending the 10.7 per cent jump in the previous month, data from Enterprise Singapore (EnterpriseSG) showed on Thursday (Oct 17).
On a seasonally adjusted monthly basis, NODX rose 1.1 per cent – a turnaround from the previous month’s 4.7 per cent decline – to reach S$14.9 billion in September. This was higher than the previous month’s S$14.7 billion and the average level a year ago.
Shipments of electronic products grew 4 per cent, a sharp slowdown from the previous month’s 35.1 per cent surge. The expansion was mostly led by disk media products (64.6 per cent), PCs (55 per cent), and integrated circuits (4.8 per cent), said EnterpriseSG.
Meanwhile, non-electronic shipments expanded 2.3 per cent, extending August’s 3.6 per cent rise. Pharmaceuticals (35 per cent), specialised machinery (12.9 per cent) and other specialty chemicals (46.2 per cent) contributed the most to growth.
NODX grew for seven out of Singapore’s top 10 markets, with Japan, Hong Kong and the United States bucking the trend.
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Exports to the EU27 clocked the most dramatic improvement with a 37.6 per cent jump year on year, turning around from the previous month’s 21 per cent contraction. EnterpriseSG attributed the growth to pharmaceuticals, other specialty chemicals and petrochemicals.
NODX to Indonesia, South Korea and Thailand also expanded at a faster pace than the month prior. NODX to Indonesia grew 52.3 per cent, compared to 18.5 per cent previously, while NODX to South Korea rose 34.9 per cent, compared to 20.3 per cent before.
Exports to Thailand nudged up a more modest 3.2 per cent, but still an improvement from the previous month’s 2.1 per cent growth.
Shipments to Malaysia and Taiwan eased compared to the previous month, even as growth remained positive. Meanwhile, exports to China were flat in September, compared to August’s 18.8 per cent growth.
In contrast, exports to Hong Kong shrank 37.1 per cent, a dramatic fall from the 70.6 per cent expansion recorded in the previous month. NODX to Japan was down 11.4 per cent, contracting at a slower pace than the 29.6 per cent fall recorded the month prior, while NODX to the US shrank 20.8 per cent, reversing from the previous month’s 6.4 per cent growth.
Overall, total trade inched up 0.5 per cent year on year in September, easing from the previous month’s 3 per cent growth. Sequentially, total trade rose 0.7 per cent, reversing from August’s 2.9 per cent contraction.