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Singapore: Exports continue to grow robustly in November

Asia   FocusEconomics

Non-oil domestic exports (NODX) expanded 9.1% in annual terms in November, following October’s impressive 20.5% jump.

The result was influenced by a high base effect from the previous year and comfortably beat market expectations of a 5.5% expansion.

November’s reading resulted mainly from soaring demand from China, Japan, South Korea and Indonesia.

On the other hand, demand from Hong Kong and Taiwan continued to contract.

Looking at the sector-by-sector picture, growth in exports of non-electronic products moderated from 28.1% in October to 10.6% in November, driven by exports of non-monetary gold, specialized machinery and primary chemicals.

Meanwhile, exports of electronic goods expanded 5.2% in November, up from the 4.5% rise in the previous month.

On a month-on-month seasonally-adjusted basis, exports grew 8.7% in November, following October’s 12.3% increase.

FocusEconomics Consensus Forecast panelists see nominal exports expanding 3.4% in 2018, which would bring exports to a total of $380 billion.

For 2019, the panel sees exports growing 3.5% and reaching a total of $395 billion.


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