SINGAPORE - Export growth in Singapore dropped in November, despite electronics shipments seeing year-on-year growth after a long slide, as non-electronics sales weakened.
The fall of 2.6 per cent marked the first drop in non-oil domestic exports (Nodx) after seven months of continuous increase, and follows October's 8.2 per cent growth, according to Enterprise Singapore data on Monday (Dec 17).
This was also due to a high base of comparison year on year, given high export numbers in the same period last year.
Electronics exports finally saw growth, rising 4.5 per cent in November, after a 3.6 per cent drop the month before, led by expansions in shipments of integrated circuits (27.9 per cent), consumer electronics (11.5 per cent) and telecommunications equipment (3.4 per cent).
Non-electronics shipments, however, declined by 5.2 per cent after a 12.7 per cent rise in the previous month. Falls in non-monetary gold (77.9 per cent), specialised machinery (12.8 per cent) and petrochemicals (7.8 per cent) contributed the most to the decline.
On a month-on-month seasonally adjusted basis, Nodx dropped 4.2 per cent in November, as the decline in non-electronic exports outweighed the rise in electronics as well.
On a seasonally adjusted basis, Nodx reached $14.9 billion in November, lower than the previous month's $15.6 billion.
Exports to most of Singapore's top markets declined last month as well, except to the United States, Thailand, Japan and Taiwan. Declines came mainly from drops in exports to China (16 per cent), South Korea (25.7 per cent) and Indonesia (20.3 per cent).
Non-oil re-exports grew 9.4 per cent in November, down from a 26.4 per cent expansion in October, with increases in both electronics and non-electronics shipments.
Oil domestic exports grew by 18.9 per cent in November, following the 30.6 per cent expansion in the preceding month and given higher sales to Australia, Indonesia and Malaysia.
Total trade rose over the year in November as well, supported by both import and export growth, said Enterprise Singapore.