Singapore’s non-oil domestic exports (NODX) experienced a year-on-year decline of 3.4% in October, continuing a trend of easing from sharper contractions in previous months, according to data released by Enterprise Singapore on November 17. This figure represents an improvement from September’s 13.2% drop and is better than the 6% contraction that economists had anticipated.

Despite the overall decline, private-sector economists suggest that NODX could rebound to positive growth in the coming months, supported by a favorable low base from last year. DBS economist Chua Han Teng noted that base effects were beneficial in October and will likely improve further in the next months.

On a month-on-month seasonally adjusted basis, NODX increased by 3.4% in October, building on September’s impressive 11.1% growth. The total NODX value reached S$15 billion, up from S$14.5 billion in September, although still lower than S$15.8 billion recorded in October 2022.

Electronics exports fell for the 15th consecutive month, decreasing by 5.6% year on year. However, this was an improvement compared to the 11.6% decline observed in September. Key contributors to this fall included integrated circuits, diodes, and parts of PCs, which collectively saw significant drops.

In contrast, non-electronics shipments also saw a decline of 2.7% in October, easing from a 13.7% contraction in September. The most considerable drops were in food preparations, non-electric engines and motors, and electrical machinery.

Exports to Taiwan, the US, and South Korea, which are among Singapore’s top markets, primarily drove the decline in NODX. However, exports to China, the European Union, Thailand, and Hong Kong showed an upward trend. Notably, NODX to China rose for the second consecutive month, suggesting a potential stabilization of the Chinese economy.

Total trade in October increased by 0.3% year on year, reversing a 12.5% contraction in September. Total exports grew by 2.8%, bouncing back from a 12.8% decline, while total imports fell by 2.3%, improving from a 12.2% drop in the previous month. Overall, the level of total trade reached S$108.9 billion in October on a seasonally adjusted basis, surpassing September’s S$103.4 billion.