Singapore: Merchandise trade surplus increases in October
Latest reading: In October, the trade balance was USD +5.6 billion, following a USD +4.4 billion reading in the prior month. Over the last 12 months, the trade balance summed to USD +61.4 billion.
Non-oil domestic exports (NODX) soared 22.2% in year-on-year terms in October, coming on the back of a 7.0% expansion in the previous month. October’s reading was well above market expectations. In seasonally adjusted month-on-month terms, NODX exports rose 9.3% in October, following September’s 13.1% rise.
The annual increase was driven by a sharp expansion in electronic product shipments, which grew by more than 30% on the back of booming AI demand. Across key export markets, NODX continued to post double-digit year-on-year growth to ASEAN countries, while shipments to the U.S. and Japan contracted.