In a remarkable turn of events, Singapore’s non-oil domestic exports (NODX) surged by 22.2 per cent in October compared to the same month last year, according to a report from Enterprise Singapore released on 17 November 2024. This stellar performance far outstripped forecasts, with expectations set for only a 7.5 per cent growth.
Key Contributors to Growth
The impressive rise in exports can be largely attributed to both electronic and non-electronic sectors. Specifically, electronic exports experienced a significant increase of 33.2 per cent, building on a 30.4 per cent gain from the previous month.
- Integrated Circuits: +40.9%
- Personal Computers: +77.7%
- Disk Media Products: +31.4%
On the flip side, non-electronic exports rose by 18.8 per cent in October, a considerable jump from a mere 0.5 per cent in September. This segment was led by outstanding performances in:
- Non-Monetary Gold: +176.8%
- Specialised Machinery: +16.1%
- Pharmaceuticals: +25.2%
Strong Markets Support Growth
When examining key markets, exports to Taiwan, Thailand, and Hong Kong demonstrated robust growth, continuing their positive trajectory from previous months. NODX to Taiwan alone climbed by an impressive 61.5 per cent, while exports to Thailand and Hong Kong rose by 91.1 per cent and 66.6 per cent, respectively.
However, it wasn’t all good news. Shipments to the United States saw a decline, with NODX dropping by 12.5 per cent year-on-year.
Overall Trade Performance
On an overall basis, total trade expanded by 23.2 per cent in October, continuing the upward trend seen in previous months where it rose by 14.6 per cent. This indicates a robust trading environment despite the challenges faced in certain overseas markets.
As Singapore navigates the global economic landscape, these developments reflect resilience and adaptability within its export sectors.