Singapore key exports jump by higher-than-expected 68.4% in September, led by non-electronics

[SINGAPORE] The Republic’s non-oil domestic exports (NODX) surged 68.4 per cent year on year in September, more than double the 32.2 per cent consensus forecast of private-sector economists in a Bloomberg poll.

Driven by non-electronics NODX, the latest showing also extended August’s revised 46.1 per cent expansion, Enterprise Singapore (EnterpriseSG) data showed on Friday (Oct 16).

Electronics exports soared 107.6 per cent on a yearly basis in September, supported by robust artificial intelligence-related demand. This was down from 131.6 per cent in the preceding month.

The growth was mainly led by disk media products (312.4 per cent), integrated circuits (74.7 per cent) and PCs (149.5 per cent).

Meanwhile, non-electronics shipments expanded 54.2 per cent on the year in September, significantly higher than August’s 11.9 per cent.

Structures of ships and boats contributed most to this rise, though EnterpriseSG did not cite the year-on-year growth rate, “as the exceptionally high percentage growth reflects a low base effect in the same period last year”.

Other key drivers of the non-electronics NODX increase were non-monetary gold (124.3 per cent) and specialised machinery (50.4 per cent).

In September, key exports to nine of Singapore’s top 10 markets rose, except India.

NODX to India fell 5.6 per cent, in a turnaround from the 23.6 per cent growth recorded in August.

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Meanwhile, NODX to the US expanded 73.2 per cent, though this was down from 90.9 per cent in the month before.

Key exports to Taiwan (96.9 per cent) and Hong Kong (112.1 per cent) also rose, with both growth rates stepping up from the levels posted in August.

NODX to the European Union grew 11.3 per cent in September, reversing from the 1.7 per cent fall in the previous month.

In August, the EU was the only market out of the top 10 in which Singapore marked a decline in NODX.

Overall, total merchandise trade expanded by 50.8 per cent year on year in September, after the 44.4 per cent rise in August. Both exports (51.5 per cent) and imports (49.9 per cent) grew.