Singapore non-oil domestic exports rise 1.6% in November, missing forecasts

Singapore's non-oil domestic exports grew 1.6 per cent in November from a year earlier as non-electronic shipments outweighed the decrease in electronic exports. -- PHOTO: ST FILE
Singapore's non-oil domestic exports grew 1.6 per cent in November from a year earlier as non-electronic shipments outweighed the decrease in electronic exports. -- PHOTO: ST FILE

SINGAPORE - Singapore's non-oil domestic exports (NODX) grew 1.6 per cent in November from a year earlier, as a jump in pharmaceuticals exports outweighed the fall in electronic shipments, figures by trade agency IE Singapore showed on Wednesday.

The median forecast in a Reuters poll of 10 economists was for a stronger 3.7 per cent rise in exports in November from a year earlier. In October, there was a 1.5 per cent annual contraction.

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November NODX year-on-year increase was helped by comparison to a low base - NODX in November 2013 tumbled nearly 9 per cent as pharmaceuticals exports, which tend to be volatile, almost halved from a year earlier.

Electronic exports fell 10.2 per cent on-year, following the 3.6 per cent decline in the previous month. The contraction was largely due to parts of ICs (-72.6 per cent), parts of PCs (-39.1 per cent) and ICs (-4.5 per cent).

Non-electronic exports expanded by 7.5 per cent, in contrast to the 0.5 per cent decrease in the previous month. The rise was led by pharmaceuticals (+26.8 per cent), printed matter (+47.2 per cent), and heating and cooling equipment (+334.4 per cent).

On a year-on-year basis, the top three contributors to the NODX expansion in November were Malaysia, Indonesia and Thailand. November NODX fell for the EU 28, the US, China, Japan, Hong Kong, Taiwan and South Korea.

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Non-oil re-exports (NORX) increased by 3.6 per cent in November from a year earlier, in contrast to the 5.4 per cent decline in October, due to an expansion in both electronic and non-electronic NORX, IE Singapore said.

On a seasonally adjusted basis, the level of NODX reached $14.2 billion in November compared to October's $13.7 billion.