Singapore Exports Surge 21% Y/Y

Singapore's non-oil domestic exports (NODX) rose at a much stronger pace than expected in October, thanks to growth in both electronics and non-electronic sectors, official data showed on Friday.

 

Exports increased 20.9 percent in October year-on-year, data from the trade agency International Enterprise Singapore showed, with shipments to China surging 53.3 percent.

 

That was more than the 10.0 percent increase predicted by economists in a Reuters poll.

 

In September, exports unexpectedly contracted after 5 straight months of gains as electronics shipments fell for first time in almost a year.

 

On a seasonally adjusted month-on-month basis, exports grew 12.5 percent after an 11.0 percent decline in September. The Reuters poll had predicted growth of 5.1 percent.

 

Electronics exports, a major driver of shipments in recent months, rose 4.5 percent in October from a year earlier, while non-electronic exports grew 28.5 percent.