Singapore Non-Oil Exports Surge Near-Decade High at 24.2% in November

Singapore’s non-oil domestic exports (NODX) grew by 24.2 percent in November from the year before, marking its fastest pace in nearly a decade and the 12th consecutive month of growth.

Figures released by Enterprise Singapore (ESG) on Friday showed that the increase is well above the 17.8 percent growth from the previous month and is the highest since February 2012.

Shipments of both electronics and non-electronics saw large increases. Electronic exports recorded a 29.2 percent year-on-year growth, driven primarily integrated circuits, personal computers and disk media products, according to ESG.

Exports for non-electronic products increased by 22.7 percent, led by specialized machinery, petrochemicals and primary chemicals.

ESG noted that “NODX to the top markets as a whole rose in November 2021,” although exports Thailand declined. Singapore’s largest markets were China, Taiwan and South Korea.

Exports to China grew 45.3 percent, Taiwan by 36.5 percent, and shipments to South Korea was boosted to 57.9 percent.

Singapore’s total exports went up by 31.3 percent, while total imports expanded by 31.9 percent.

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