- Singapore’s Non-Oil Domestic Exports (NODX) fell by 4.6% in October 2024.
- Non-Oil Re-exports (NORX) grew by 7.5% in the same month.
- Singapore trade (total) decreased by 2.0%, with both exports and imports declining.
Singapore’s external trade shows mixed results in Oct 2024, with some sectors declining while others grow.
Key Terms Simplified
- 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 Trade Performance in October 2024
According to Enterprise SG, Singapore’s external trade showed varied results in October 2024.
NODX fell by 4.6% in Oct 2024.
This drop came after a small rise of 0.9% in September 2024.
The decrease was mainly due to lower non-electronic exports.
However, electronic exports grew during this period.
| Trade Type | Oct 2024 | Sep 2024 |
|---|---|---|
| NODX | -4.6% | +0.9% |
| NORX | +7.5% | +4.0% |
| Total Trade | -2.0% | +0.4% |
Growth in Non-Oil Re-exports
NORX showed positive growth in October 2024.
It increased by 7.5%, building on the 4.0% rise seen in September 2024.
This growth was seen in both electronic and non-electronic goods.
Total Trade Decline
Despite growth in some areas, total trade fell by 2.0% in Oct 2024.
This decline follows a small growth of 0.4% in September 2024.
Both exports and imports decreased during this period.
Do you think Singapore’s trade performance will improve in the coming months?
