Singapore's October exports up 20%

Singapore’s total exports grew in October by 20 per cent y-o-y from 18 per cent in September. It also grew by 3.2 per cent m-o-m from -4.2 per cent in September. Importantly, non-oil domestic exports or NODX, a better gauge of external end-demand, also gained pace, up by 35 per cent y-o-y from 23% in September. According to the HSBC Research Global, this was well-above its forecast of 26.4% y-o-y and that of consensus 26.6 per cent y-o-y.

But according to the HSBC Global Research, it will prove difficult to maintain the growth momentum going ahead.
NODX sequential growth was also stronger at 5.8 per cent m-o-m sa from -4.7 per cent the month before and 10.7 per cent 3m-o-3m versus. 0.6 per cent in September.

By products, NODX was led by stronger growth in both electronics exports, with 34 per cent y-o-y versus 21 per cent in September, and non-electronics exports, with 35 per cent y-o-y versus 23 per cent in September. Electronics exports were spurred on by integrated circuits, parts of ICs, and telecom equipment. For non-oil domestic exports, there was strong demand for pharmaceuticals, specialized machinery, and ships and boats.
The NODX to the EU jumped by 70 per cent y-o-y versus 29 per cent the previous month, which was matched by a 72 per cent y-o-y jump for the US from 32 per cent in September. China was also a taker of NODX, which were up by 43 per cent y-o-y from 24 per cent in September. All three markets saw improvements for both electronics and non-electronics.

The export sector is showing its teeth again and it is not just a story of roller-coaster pharmaceuticals. Combined with yesterday's strong retail reading and buoyant labor market conditions, it shows that the wheels are still turning and end-demand in Singapore and abroad is solid.

However, it may prove difficult to maintain the same strong growth momentum in coming months. For one, the rebuilding of inventory levels in the large export markets, including the US, could soon come to an end and this would dampen export growth.

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