Singapore’s non-oil domestic exports (NODX) surged 22.2% y/y in October from a year earlier, far exceeding expectations (7.5%) and marking a sharp acceleration from September’s revised 7.0% rise, according to data from Enterprise Singapore.
- outperformance was driven primarily by a jump in non-monetary gold shipments
- electronic products also posting solid gains.
The Non-Oil Exports in October were +9.3% m/m
- prior 13.0%
The strength was broad-based across several Asian markets.
- Exports to Taiwan, Thailand and Hong Kong rose strongly, reflecting a pickup in regional trade flows.
- Shipments to the United States, however, fell compared with a year earlier, tempering the overall export picture.
