- Singapore’s non-oil domestic exports (NODX) grew by 2.7% in Sep 2024.
- Non-oil re-exports (NORX) increased by 3.4% in the same month.
- Exports to EU grew by 37.6%, to Indonesia by 52.3%, and to South Korea by 34.9%.
- Total trade rose by 0.5%, building on the 3.0% growth seen in August 2024.
Singapore external trade shows resilience with growth in key sectors, despite challenges in oil exports.
Key Terms Simplified
- External Trade is buying and selling goods with other countries.
- Non-Oil Domestic Exports (NODX) are products made in a country, that are sold to other countries, excluding oil.
- Non-Oil Re-exports (NORX) are products that a country imports, doesn’t make any changes to, and then resells to another country, excluding oil.
Singapore’s Trade Performance in September 2024
According to Enterprise Singapore (EnterpriseSG), Singapore’s external trade showed positive growth in September 2024.
NODX reached S$14.9 billion in September 2024.
This was up from S$14.7 billion in August 2024.
It was also higher than S$14.2 billion in September 2023.
The growth in NODX included both electronics and non-electronics.
Electronics grew by 4.0%.
Non-electronics increased by 2.3%.
| Product | Growth Rate |
|---|---|
| Disk media | 64.6% |
| PCs | 55.0% |
| Integrated circuits (ICs) | 4.8% |
Big Jump in Exports to EU
NODX to the EU 27 saw a big jump in Sep 2024.
It saw a 37.6% jump, after falling by 21.0% in August.
Exports to Indonesia rose by 52.3%.
South Korea saw an increase of 34.9%.
These numbers show Singapore’s strong trade relations with key partners.
Oil Exports Face Challenges
While non-oil exports grew, oil exports fell in September 2024.
Oil domestic exports dropped by 13.5% compared to last year.
This was due to lower oil prices.
Oil prices were down to US$74.02 per barrel.
Technology Sector Drives Growth
The technology sector was a bright spot in September’s trade data.
Electronic NODX grew by 4.0%.
This growth was led by disk media, PCs, and integrated circuits.
These products saw significant increases in exports.
This trend aligns with Singapore’s focus on technology and innovation.
Impact on Singapore’s Economy
The growth in NODX is a positive sign for Singapore’s economy.
It shows that demand for Singapore’s products remains strong.
However, the fall in oil exports is a concern.
It might affect companies in the oil and gas sector.
This could impact jobs and wages in related industries.
Future Outlook
Enterprise Singapore (EnterpriseSG) stated, “On a year-on-year basis, NODX increased by 2.7% in September 2024, extending the 10.7% expansion in the previous month.”
This quote suggests a positive trend in Singapore’s exports.
If this trend continues, it could boost Singapore’s economy.
However, challenges remain in the oil sector.
Singapore may need to focus more on non-oil exports to maintain growth.
Key Takeaways for Singaporeans
- Singapore’s trade is growing, which is good for the economy.
- The technology sector is doing well, showing Singapore’s strength in this area.
- Oil exports are facing challenges, which might affect some jobs.
- Trade with EU, Indonesia, and South Korea is growing fast.
- Singapore needs to keep adapting to changes in global trade.
These trade figures show Singapore’s economic resilience.
They also highlight the need to diversify exports.
This could help maintain Singapore’s economic stability.
Do you think Singapore should focus more on technology exports to offset the decline in oil exports?
