SINGAPORE – Singapore’s key exports expanded year on year for a third straight month in September but at a slower pace, according to figures released by Enterprise Singapore on Oct 17.
Non-oil domestic exports (Nodx) rose 2.7 per cent from a year ago, after increasing by 10.7 per cent in August and 15.7 per cent in July.
But September’s expansion came in far below the expectations of analysts polled by Bloomberg, who tipped growth to hit 9.1 per cent.
The data shows shipments of both electronics and non-electronics grew.
Electronic exports rose 4 per cent in September, down from the 35.1 per cent expansion in the previous month.
Disk media products rose by 64.6 per cent, while personal computers saw growth of 55 per cent. Integrated circuits – also known as chips or semiconductors – inched up by 4.8 per cent.
Meanwhile, non-electronic shipments grew 2.3 per cent, after the 3.6 per cent rise in the previous month.
Pharmaceuticals expanded 35 per cent, while specialised machinery grew 12.9 per cent. Other speciality chemicals rose 46.2 per cent.
On a month-on-month seasonally adjusted basis, Nodx increased by 1.1 per cent in September, reversing the decline of 4.7 per cent in the previous month. Non-electronics grew while electronics decreased.
On the same basis, the level of Nodx reached $14.9 billion in September, which was slightly higher than August’s $14.7 billion. It was also higher than the level reached in September 2023, which was $14.2 billion.
Exports to the top markets as a whole grew in September 2024, although shipments to the United States, Hong Kong, Japan and China fell, EnterpriseSG noted.
The largest contributors to the growth in Nodx were the European Union 27, Indonesia and South Korea.
Exports to the EU 27