Singapore’s exports rebound 6.8% in December
SINGAPORE: Singapore’s non-oil domestic exports (NODX) rebounded by 6.8 per cent year-on-year in December, mainly due to a rise in shipments of non-electronic products such as specialised machinery and non-monetary gold. Electronics also grew from a low base a year ago.
This is the first positive print for NODX in three months andcomes after a 5 per cent drop in November, official data from Enterprise Singapore showed on Monday (Jan 17).
Economists had expected a 0.3 per cent increase, Reuters reported.
On a seasonally adjusted month-on-month basis, exports rose by 6.6 per cent in December, extending the previous month’s 3.7 per cent increase.
"December’s expansion of NODX does paint an optimistic backdrop for 2021," said UOB economist Barnabas Gan.
"Singapore’s position in producing and supplying biomedical products and supplies especially during this COVID-19 pandemic, will likely continue to lift overall manufacturing activities and support NODX into next year," he added.