S'pore key exports rebound in Nov on electronics growth

Surprise boost as exporters front-load shipments ahead of proposed US tariffs

- Sue-Ann Tan

Singapore's key exports enjoyed a rebound in November, beating analyst expectations, as electronics shipments resumed a double-digit expansion.

This might be due to exporters front-loading their shipments before US President-elect Donald Trump's proposed tariffs kick in, experts said.

Non-oil domestic exports (Nodx) grew 3.4 per cent from a year ago, reversing a revised 4.7 per cent drop in October, according to figures released by trade agency Enterprise Singapore on Dec 17.

Analysts polled by Bloomberg had expected a 1 per cent fall in Nodx.

This also comes after Singapore in November again cut its 2024 full-year forecast for key export growth to around 1 per cent – down from August's estimate of 4 per cent to 5 per cent – due to a worse-than-expected recovery in the second half of 2024.

For 2025, Nodx is expected to grow by 1 per cent to 3 per cent.

DBS Bank economist Chua Han Teng said: "Singapore's positive Nodx performance could continue through the end of 2024 and into early 2025, potentially supported by near-term front-loading of shipments, as firms anticipate potentially higher tariffs under a second Trump presidency."

Maybank Investment Banking Group economist Brian Lee agreed that exports and manufacturing should remain resilient in the first half of 2025, boosted by the front-loading of orders.