Singapore’s exports returned to growth for the first time in more than a year, although it was hardly a sign of recovery in external demand.
Official data Monday showed non-oil domestic exports grew 1% in November, slower than the median expectation for a 1.5% gain in a Bloomberg survey. The expansion was mainly because of a low base from year-ago period, according to Enterprise Singapore.
Total trade increased in November, supported by growth in exports even as imports declined. Still, the data offered little reason for cheer about the prospect of durable trade recovery.
Non-oil domestic exports to the top markets as a whole declined in November, dragged down by falling shipments to Taiwan, bulk of the European Union and Indonesia. Exports to the US, China, Thailand and Hong Kong rose, with even some of those gains staying well below monthly highs seen before the slump in 2022-2023.
The increase in the headline number was driven by non-electronics products as total chemicals and pharmaceuticals rose.
Source: theedgemalaysia