Electronics shipments surged 23.2% year-on-year in November, with integrated circuits and disk media driving growth.
Singapore’s key exports experienced a significant recovery in November, bolstered by a sharp increase in electronic shipments. Non-oil domestic exports (NODX) rose by 3.4% year-on-year, reversing the 4.7% contraction recorded in October, according to data from Enterprise Singapore (EnterpriseSG).
Key Highlights:
Electronics Lead the Way: Electronics exports soared 23.2% year-on-year, with strong demand for integrated circuits and disk media products fueling the rebound.
Surpassing Expectations: Economists had forecast a 1% year-on-year decline, but NODX exceeded predictions, climbing 14.7% month-on-month on a seasonally adjusted basis to S$15.5 billion.
Tech Recovery: Analysts attribute the electronics growth to the global recovery in the tech cycle, driven by rising adoption of artificial intelligence (AI) applications and demand for consumer devices.
DBS economist Chua Han Teng emphasized that the sustained expansion in electronics export orders signals robust external demand, particularly for products tied to AI and the ongoing replacement cycle.
Looking Ahead:
While the electronics sector is expected to continue supporting exports into 2025, UOB associate economist Jester Koh warned that growth may taper off in the months ahead. The current surge is partially influenced by front-loaded export activities amid potential global trade policy shifts.
Singapore’s export performance reflects its critical role in the global tech supply chain and highlights the sector’s importance in driving the nation’s economic growth.
