Singapore exports halt slump, up 11.5% in November

Singapore exports halt slump, up 11.5% in November
Posted 16 Dec 2016 08:30 Updated 16 Dec 2016 22:43

SINGAPORE: Exports in Singapore rebounded in November, growing 11.5 per cent to reverse the 12 per cent drop in the previous month, according to figures released by International Enterprise (IE) Singapore on Friday (Dec 16).

Non-oil domestic exports (NODX) got a boost due to the increase in both electronic and non-electronic exports, the trade agency said.

Electronic shipments grew by 3.5 per cent in November, following a 6 per cent decline in the previous month. The increase was largely due to growth in integrated circuits at 10.6 per cent, parts of PC at 30.5 per cent and disk media products at 9.7 per cent.

Non-electronic exports saw a bigger improvement last month, expanding by 15.3 per cent in contrast to the 14.6 per cent decline in October. The increase was led by pharmaceuticals (+44.8 per cent), specialised machinery (+64.7 per cent) and petrochemicals (+13.9 per cent), IE Singapore said.

Overall, shipments to the majority of Singapore’s top 10 markets expanded, with the exception of Japan, Thailand and Indonesia. The largest contributors to the increase in NODX were the EU 28 (48.3 per cent), Hong Kong (38.1 per cent) and China (15.8 per cent), it added.

Non-oil re-exports (NORX) rose 3.1 per cent last month, compared to the 9 per cent decline in October due to an increase in non-electronic NORX outweighing the contraction in electronic NORX.

2017 NODX TO FINALLY BREAK CONTRACTIONARY CYCLE: UOB

Analysis from UOB following the release of export figures noted that trend growth for Singapore's NODX has been improving since it reached its minimum turning point in April 2015.

"This bodes well for Singapore’s NODX for 2017, where we should expect stronger NODX growth compared to what we had experienced this year," it said.

It also predicted the electronics NODX to be a driver of this growth, saying the expansion in November was "heartening" as it marked the first month of on-year expansion in nine months.

"We maintain our 2016 NODX growth forecast of -4.1 per cent, marking the fourth full year NODX decline. Nevertheless, we forecast 2017 NODX to finally break the contractionary barrier and grow 0.7 per cent, although it is still a very weak growth," UOB said.

- CNA/kk


- wong chee tat :)