ANN/THE STRAITS TIMES – Key exports in Singapore returned to growth for the first time in over a year, while electronics remained in the red and the recovery was fragile. Data from Enterprise Singapore (EnterpriseSG) showed yesterday non-oil domestic exports (Nodx) in November rose one per cent from a low base a year ago, snapping […]
SINGAPORE - Singapore s non-oil domestic exports (Nodx) saw a surprise drop for the second straight month in November, mainly due to declines in shipments of petrochemicals, pharmaceuticals and non-monetary gold, followed by electronics.
Nodx fell 4.9 per cent year on year in November after a 3.1 per cent decrease in October, Enterprise Singapore (ESG) said on Thursday (Dec 17). Before October, Singapore saw four consecutive months of Nodx growth.
The drop in last month’s exports dashed hopes of a recovery from October’s decline. Economists in a Bloomberg survey had forecast a 0.3 per cent year on year gain in November Nodx.
Analysts said the disappointing November data highlights the upward trudge global trade faces in 2021 and raises the possibility of Singapore missing the its official forecast for Nodx to grow by 4 to 4.5 per cent this year.