S'pore exports surge by 35%

 

SINGAPORE'S non-oil domestic exports (Nodx) surged by a better-than-expected 35 per cent in October, from a year ago, due to higher orders for the year end shopping season.

Analysts had expected a drop after last September's 23 per cent climb as pharmaceutical shipments fell due to plant shutdowns to prepare production lines for new drugs.

Seasonally adjusted on a monthly basis, Nodx also rose by a higher 5.8 per cent from the previous month's 4.7 per cent drop, according to latest trade data released by International Enterprise (IE) Singapore on Tuesday.

Compared to last October, electronic shipments grew by 34 per cent, after a 21 per cent rise in the previous month, due largely to higher domestic exports of integrated circuits, parts of ICs and telecommunications equipment.

Non-electronic products including specialised machinery, pharmaceuticals, ships and boats also shot up by 35 per cent in October, compared to 23 per cent in the previous month a year earlier.

IE Singapore said the year-on-year Nodx growth was mainly due to higher sales to Malaysia, which rose by 38 per cent, China (up 69 per cent) and the European Union (up 11 per cent). Exports to all the 10 top Nodx markets rose in October. In volume terms, exports went up by 6.4 per cent in October, compared to the 1.8 per cent drop the previous month.