Singapore’s non-oil domestic exports up 8% for Q3

The gains in the third quarter follows the 9.3% increase in the previous quarter, data from Enterprise Singapore showed.

Port of Singapore

Singapore’s non-oil domestic exports (Nodx) for the third quarter of this year rose 8.0% on a year-on-year basis, supported by an increase in shipments of non-electronic goods.

The gains in the third quarter follows the 9.3% increase in the previous quarter, data from Enterprise Singapore showed.

Shipment of electronic products shrank by 3.0% for the third quarter, continuing the 7.8% contraction in the second quarter. The slump in shipments of diodes and transistors, integrated circuits, and personal computer parts contributed to the decline.

Non-electronic goods saw shipments soar by 12.6%, extending from the 16.5% growth in the second quarter, supported by the export of pharmaceuticals, food preparation products, and measuring instruments.

Seven out of 10 of Singapore’s top exporting partners saw an increase in shipments for the months of July to September, led by the United States, European Union, and Indonesia, at gains of 34.6%, 18.4%, and 28.1%, respectively. China, South Korea, and Hong Kong were the countries that registered a fall in shipments.

Total merchandise trade grew by 14.7% on a year-on-year basis, up from the 10.2% increase in the previous quarter, as trade in oil and non-oil items rose.

Nodx and total trade forecast adjusted higher

Enterprise Singapore has revised Nodx and total merchandise trade forecast for this year upwards due to the better-than-expected third quarter performance, as well as the seen improvement in oil prices that supported oil trade.

Nodx is expected to expand by 5.5% to 6.0% for this year, revised higher from the earlier 2.5% to 3.5% predictions, while total merchandise trade is predicted to grow 9.0% to 9.5%, up from the previous projection of 5.0% to 6.0%.

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