Singapore non-oil exports surge 17% in August

NON-OIL domestic exports (NODX) surged 17.0 per cent year on year in August, more than doubled the 7.6 per cent gain in July, trade promotion agency International Enterprise Singapore reported on Monday morning.

Month on month, the NODX bounced back from a 3.3 per cent fall in the previous month to post a seasonally adjusted 4.5 per cent rise.

Shipments to most of the top 10 markets increased last month, with China (+43.2 per cent), Hong Kong (+41.9 per cent) and South Korea (+62.0 per cent) the biggest contributors to the NODX’s spike.

Electronic NODX extended its year-on-year jump in August, up 21.7 per cent after growing 15.3 per cent in July. Non-electronic NODX rose 15.0 per cent, three times stronger than the 4.4 per cent increase in the previous month.

Non-oil re-exports growth eased from 16.7 per cent in July to 11.9 per cent in August.

Total trade expanded 15.6 per cent to hit S$82.3 billion, the 10th straight monthly gain. Month on month, total trade rose a seasonally adjusted 1.7 per cent last month, following a 1.8 per cent growth in July.