Chart of the Day: Falling shipments to EU drag down electronics NODX by 10.2% in November

Pharmaceuticals rebound saves the day.

Singapore’s electronics industry continues to face structural and competitiveness issues, revealing that it does not benefit from the ICT upcycle in US as observed from the Empire State Manufacturing Future Technology Spending index which is hovering near its multiyear high.

According to a report by Maybank Kim Eng, non-oil domestic exports (NODX) rebounded in Nov 2014 by 1.6 YoY as gains in non-electronic shipments offset continued weakness in electronics exports.

Pharmaceuticals provided some respite as it rebounded by +26.8% YoY in Nov 2014 (Oct 2014 -4.2% YoY) largely thanks of the low base in Nov 2013. Shipment value last month came in at SGD1.18b compared to SGD0.93b recorded in Nov 2013.