Electronics Drive the Growth

Singapore's non-oil domestic exports (NODX) saw a notable 3.4% increase in November, reversing the previous month's revised 4.7% contraction, according to data released by Enterprise Singapore. This growth was driven by the electronics sector, which expanded by a significant 23.2% year-on-year, following a 2.6% rise in October. Key contributors included integrated circuits, disk media products, and PCs, which grew by 28.9%, 114.7%, and 75.3% respectively.

Non-Electronics Sector Faces Decline

In contrast, the non-electronics sector experienced a 1.6% decline in exports during November, following a 6.8% drop in October. Major declines were observed in pharmaceuticals, petrochemicals, and paper and paperboard, falling by 63.8%, 5.3%, and 89.9% respectively.

Geographical Impact

NODX to several key regions including Taiwan, Hong Kong, and Malaysia grew substantially by 42.7%, 35.3%, and 24.4% respectively. However, exports to the United States, China, Japan, Thailand, and the European Union declined. Overall, total trade increased by 5% year-on-year in November, with both exports and imports growing by 5.1% and 4.9% respectively.