Friday, 20 May, 2022
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Singapore exports up 18.4pc in Dec

SINGAPORE: Singapore’s non-oil domestic exports (NODX) rose by 18.4 per cent year-on-year in December 2021, marking the 13th straight month of growth.

The rise followed a decade record surge of 24.2 per cent in November, report agencies.

Economists had expected a 13.8 per cent increase in December, according to the median of nine estimates reported by Reuters.

Both electronics and non-electronics exports grew in December last year, according to data released by Enterprise Singapore (ESG) on Monday.

On a month-on-month seasonally adjusted basis, NODX increased by 3.7 per cent in December, following the previous month’s 1 per cent growth. On a seasonally adjusted basis, non-electronic NODX grew while electronics declined, with the level of NODX reaching S$17.1 billion in December, compared to November’s S$16.5 billion, ESG said.

Electronic exports recorded a 13.6 per cent increase in December,  driven primarily by integrated circuits, personal computers and disk media products.

Shipments of non-electronic products grew by 19.9 per cent, led by pharmaceuticals, specialised machinery and petrochemicals. ING senior economist Nicholas Mapa said: “The better-than-expected performance for NODX was tied to the 19.9 per cent growth of non-electronics products after pharmaceuticals grew by an outsized 72.3 per cent while petrochemical exports rose 28.4 per cent.” “The robust performance of NODX likely helped lift Singapore’s 4Q 2021 GDP,” Mr Mapa added.