The city-state of Singapore has seen a significant improvement in its export landscape in November, primarily driven by robust electronics shipments. According to data released by Enterprise Singapore, Singapore's non-oil domestic exports experienced a year-on-year increase of 3.4% in November, reversing the prior month's decline of 4.7%.
Furthermore, these exports were also 14.7% higher on a seasonally adjusted basis compared to October, a notable recovery considering the 7.5% drop recorded in the previous month. Singapore's strategic geographic position at the southern tip of the Malay Peninsula, combined with its well-developed infrastructure and economic framework, cements its status as a key player in Asian-Pacific trade and a major re-export hub.
In November, electronics exports were particularly notable, with a staggering 23.2% increase year-on-year, contrasting sharply with the modest 2.6% rise seen in October. Notable contributors to this increase included a 28.9% uptick in shipments of integrated circuits, a remarkable 114.7% surge in disk media product shipments, and a robust 75.3% rise in personal-computer exports. However, there was a slight downturn in non-electronic domestic exports, which fell by 1.6% compared to the same month last year, although this marked an improvement from the 6.8% decline noted in October. In a broader context, Singapore's non-oil re-exports also reflected a positive trend, expanding by 14.2% year-on-year in November, further building on the 7.1% increase recorded in October.
The report highlighted Singapore's primary export partners in November, which included China, Malaysia, the United States, Indonesia, and the European Union, ranked by total dollar volume of trade..