SINGAPORE-- Singapore's Non-oil domestic exports (NODX) grew by 7.6 per cent in 3Q 2017, driven by both electronic and non-electronic exports, according to statistics released by trade agency International Enterprise (IE) Singapore on Thursday (Nov 23).
Electronic NODX grew for the fourth straight quarter while non-electronics resumed growth, IE Singapore added in its statement.
Taking into account these factors and the better-than-expected performance of total trade and NODX to date, 2017 growth projections were revised upwards to 10.0 per cent to 10.5 per cent for total merchandise trade and 6.5 per cent to 7.0 per cent for NODX.
For 2018, growth projections are at 1.5 per cent to 3.5 per cent for total merchandise trade and 0 per cent to 2.0 per cent for NODX.
Domestic exports of electronic products increased by 8.9 per cent in 3Q 2017, following the 13.7 per cent growth in 2Q 2017.
Singapore's total merchandise trade increased by 11.7 per cent in 3Q 2017, extending the 9.5 per cent growth in the previous quarter, as both oil and non-oil trade grew, MTI said.
Oil trade increased by 22.1 per cent in 3Q 2017 amid higher oil prices than a year ago, compared to the 27.7 per cent growth in the preceding quarter. Non-oil trade rose by 9.6 per cent in 3Q 2017, following the previous quarter's 5.9 per cent increase.
On a quarter-on-quarter (q-o-q) seasonally adjusted (SA) basis, total merchandise trade increased by 0.1 per cent in 3Q 2017, after the 0.6 per cent decline in the previous quarter.
Growth was due to the increase in non-oil trade by 1.0 per cent in 3Q 2017, after the 0.7 per cent rise in 2Q 2017.
Oil trade decreased by 3.7 per cent, following the 5.9 per cent decline in 2Q 2017 and growth in preceding quarters (1Q17: 16.8 per cent, 4Q16: 16.7 per cent).
Non-oil exports (NOX), which include both NODX and NORX, grew y-o-y by 8.8 per cent in 3Q 2017, extending the preceding quarter's 5.8 per cent growth.
On a q-o-q SA basis, NOX grew by 0.5 per cent in 3Q 2017, following the 0.1 per cent growth in the previous quarter.
ICs, parts of ICs and parts of PCs increased by 20.8 per cent, 32.6 per cent and 6.9 per cent respectively, and they contributed the most to the increase in electronic NODX.
Domestic exports of non-electronic products grew by 7.0 per cent over the year in 3Q 2017, compared to the 0.9 per cent decline in 2Q 2017.
The largest contributors to the growth in non-electronic NODX were specialised machinery ( 46.4 per cent), petrochemicals ( 26.3 per cent) and non-monetary gold ( 27.5 per cent).
The International Monetary Fund (IMF) revised upwards its world economic growth rate by 0.1 per cent-pt for both 2017 and 2018 to 3.6 per cent and 3.7 per cent respectively.
Growth outcomes were generally stronger-than-expected, with notable pickups in investment, trade, industrial production, as well as business and consumer confidence supporting the recovery.
Growth momentum for Singapore's key trading partners including advanced economies, ASEAN-5 and China are expected to continue in 2017.
On the trade front, the World Trade Organisation (WTO) upgraded its 2017 estimate for world merchandise trade volume to 3.6 per cent from the previous 2.4 per cent, as global trade rebounded strongly.
In particular, stronger GDP growth in China and the US boosted demand for imports and spurred intra-Asia-trade.
For 2018, WTO expects trade growth to moderate from the strong 2017 performance, even as global economic growth remains stable.
Source: NAM NEWS NETWORK