Singapore’s NODX grows by 2.4% in Dec

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SINGAPORE:  Singapore’s non-oil domestic exports (NODX) grew by 2.4 percent year on year last December, compared to the 5.9 percent decrease in the previous month, government agency Enterprise Singapore announced. On a month-on-month seasonally adjusted basis, the NODX grew by 1.1 percent in December 2019 to 14.3 billion Singapore dollars (about 10.6 billion U.S. dollars), extending the previous month’s 5.8 percent increase.

 

In a breakdown of Singapore’s total NODX, Singapore’s electronic NODX contracted by 21.3 percent year on year in December, following the 23.3 percent decline in the previous month. Meanwhile, the non-electronic NODX expanded by 11.5 percent year on year, after the 1.2 percent rise in November 2019. The NODX to the majority of Singapore’s top markets grew in the month, except Hong Kong and Indonesia.

 

The largest contributors to the NODX growth were Chinese mainland, China’s Taiwan and the United States. Singapore’s NODX to Chinese mainland grew by 9.8 percent year on year last December, after the previous month’s 6.8 percent decrease. In a breakdown, the electronic NODX to Chinese mainland fell by 53.5 percent year on year in December, while the non-electronic NODX grew 41.9 percent.

 

Selena Ling, Head of Treasury Research & Strategy of OCBC Bank, said Singapore’s NODX expansion last December marked an end to a nine month slump.  She said the bank’s 2020 NODX growth forecast was for an improvement to 2-4 percent year on year, which will be significantly better than the 9.2 percent year on year contraction seen in NODX in 2019, she added.

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