Singapore non-oil exports grow strongly for 3rd straight month, up 8.6% in January, as sales to China surge

Containers at Tanjong Pagar Terminal of PSA International.
Containers at Tanjong Pagar Terminal of PSA International.PHOTO: ST FILE

SINGAPORE - Singapore's export recovery continued in January with shipments of non-oil domestic exports (Nodx) rising 8.6 per cent year on year, more than expected, as sales to China kept growing strongly.

This comes on the back of the 9.1 per cent Nodx rise in December and the 15.6 per cent surge in November.

Analysts polled by Reuters had tipped Nodx to expand by 7 per cent in January.

On a month on month, seasonally adjusted basis, exports increased by 5 per cent in January 2017, reversing the previous month's 2.4 per cent decline.

Exports to China, Singapore's largest single market, jumped 36.9 per cent year on year in January, following the previous month's increase of 23.7 per cent.

The other biggest contributors to the export increase were Taiwan (+75.3 per cent) and South Korea (+51.5 per cent).

Nodx to the majority of Singapore's top 10 markets rose in January, except the European Union and Malaysia.

Both electronic and non-electronic exports grew in January, extending the increase in the previous month.

On a year on year basis, electronic shipments rose 6.1 per cent, following the 5.7 per cent increase in December. ICs, parts of PCs and disk media products grew by 31.6 per cent, 11 per cent and 2.9 per cent respectively, and they contributed the most to the growth in this sector.

Non-electronic Nodx grew by 9.9 per cent in January, following the 10.7 per cent increase in the previous month. Specialised machinery, petrochemicals and non-monetary gold expanded by 104.7 per cent, 37.1 per cent and 30.7 per cent respectively, contributing the most to the rise.