Singapore’s non-oil domestic exports (NODX) grew by 6.8 per cent year-on-year last December, following the 5.0 per cent decline seen in the previous month, according to data released by Enterprise Singapore (ESG) on Monday (18 January).
On a seasonally adjusted month-on-month basis, NODX increased by 6.6 per cent in December, extending the 3.7 per cent increase in the month before.
ESG stated the growth was mainly attributed to non-electronics, such as specialised machinery, non-monetary gold and measuring instruments.
Electronics also grew from a low base a year ago, it added.
Non-electronic NODX increased by 5.0 per cent year-on-year in December, as compared to the 5.3 per cent contraction in November.
The trade agency highlighted the major contributor to the growth in NODX were specialised machinery, which grew 30.9 per cent, followed by non-monetary gold with a 14.5 per cent increase and measuring instruments with a 21.4 per cent increase.
On a seasonally adjusted basis, the level of NODX reached S$14.5 billion in December, higher than the previous month’s S$13.6 billion.
“NODX to the top markets as a whole grew in December 2020, though exports to China, the EU [European Union], Indonesia and Japan declined,” it added.
ESG noted exports to the United States (US) expanded by 52.5 per cent in December, driven by non-monetary gold, pharmaceuticals and measuring instruments.
Additionally, exports to South Korea grew by 46.2 per cent in December, which mainly due to specialised machinery, measuring instruments and heating and cooling equipment.
Exports to Taiwan increased by 14.8 per cent in December, which the growth was led by integrated circuits, other specialty chemicals and structures of ships and boats.
NODX to emerging markets also grew by 2.3 per cent in December, after a 4.0 per cent decline in the previous month. ESG said the expansion was mainly due to shipments to South Asia, the Cambodia, Laos, Myanmar and Vietnam bloc, and Latin America.
Oil domestic exports, however, contracted by 19.3 per cent year-on-year in December amid lower oil prices, following the 33.9 per cent decline in the preceding month.