Singapore non-oil exports jump 8.3% in October

Singapore non-oil domestic exports (Nodx) shot up last month, thanks to an increase in non-electronic shipments that offset the continued dip in those from the electronics sector.

The 8.3 per cent increase over the same month last year was well above the 1 per cent rise predicted in a Reuters poll.

It also built on the 8.1 per cent growth recorded in September.

Non-electronic Nodx grew 12.8 per cent in October after rising 11.8 per cent in September, while electronic shipments fell 3.5 per cent following a 1.3 per cent dip the previous month, said trade promotion agency Enterprise Singapore yesterday.

Seasonally adjusted, Nodx was up 4.2 per cent in October to $15.6 billion, compared with September when it dropped 4.4 per cent to $14.9 billion month on month.

Both electronic and non-electronic Nodx rose month on month in October.

UOB Global Economics and Markets Research said it "remains less sanguine about the outlook" despite the uptick, as electronic exports look to remain weak and global semiconductor sales are slowing down.

The trade conflict between the United States and China also continues to cloud the outlook, it said.

Except for China, Taiwan and Malaysia, shipments to all top 10 markets increased last month, driven largely by exports to the European Union (up 37 per cent), the US (up 32.8 per cent) and Japan (up 20.7 per cent).

Non-oil re-exports jumped 26.4 per cent in October, against a 13.3 per cent rise in September.

Total trade rose 20.1 per cent after a 13.5 per cent gain the previous month, with total exports up 20.4 per cent and total imports increasing 19.8 per cent.

A version of this article appeared in the print edition of The Straits Times on November 17, 2018, with the headline 'S'pore non-oil exports jump 8.3% in October'. Print Edition | Subscribe