Singapore’s key exports returned to growth for the first time in more than a year, although electronics remained in the red and the recovery was fragile.
Non-oil domestic exports (Nodx) in November rose 1 per cent from a low base a year ago, snapping 13 straight months of decline, data from Enterprise Singapore (EnterpriseSG) showed on Dec 18. The turnaround came after a revised 3.5 per cent fall in October.
The November reading was slightly short of Bloomberg’s consensus forecast for 1.5 per cent growth.
Economists said that while the upturn in November’s Nodx numbers was encouraging, any further recovery will be tentative and gradual as elevated interest rates continue to weigh on major global economies and China remains in the doldrums.
The weak performance of electronics exports remains a concern as well. In November, electronics Nodx continued to shrink as non-electronics shipments drove the rebound in Nodx.
Non-electronics exports grew 5.2 per cent in November from a year ago, reversing the 2.9 per cent decline in October. Volatile pharmaceuticals and non-monetary gold contributed the most to the rise in non-electronics Nodx. Non-monetary gold refers to gold that is not held as reserve assets by the world’s central banks.
Both grew from a low base a year ago, with pharmaceuticals surging 118.9 per cent, while non-monetary gold rose 106.5 per cent.
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