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Singapore’s Nov exports surge 24.2% y/y, fastest pace in a decade – Metro US

Singapore’s Nov exports surge 24.2% y/y, fastest pace in a decade

Container ships are docked at PSA’s Tanjong Pagar terminal in
Container ships are docked at PSA’s Tanjong Pagar terminal in Singapore

SINGAPORE (Reuters) -Singapore’s November non-oil domestic exports (NODX) expanded 24.2% from a year earlier, official data showed on Friday, the fastest pace in nearly a decade, helped by growth in electronics and non-electronics sectors.

That was better than economists’ expectations in a Reuters poll for a 17.3% rise and was an extension of the 17.8% growth in the previous month. November exports marked the biggest rise since February 2012.

On a seasonally adjusted month-on-month basis, exports grew 1.1% in November, Enterprise Singapore data showed, versus the prior month’s 4.1% growth. Economists had forecast a 0.2% rise.

Electronic NODX expanded 29.2% on year in November, with shipments of integrated circuits rising 41.8% amid robust global semiconductor demand.

Non-electronic NODX grew 22.7%, with specialised machinery rising 74.4%, petrochemicals up 66.0% and primary chemicals up 80.6%.

(Reporting by Aradhana Aravindan in Singapore; Editing by Himani Sarkar and Christopher Cushing)

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