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Singapore’s Nov exports surge 24.2% y/y, fastest pace in a decade -Breaking

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© Reuters. FILE PHOTO – Container ships dock at the Tanjong Pagar terminal of PSA in Singapore on September 28th 2016. REUTERS/Edgar Su

SINGAPORE, Reuters – Singapore’s November non oil domestic exports (NODX), grew 24.2% compared to a year ago, according to official data. This was the fastest rate in almost a decade thanks in part to growth in electronic and non-electronics industries.

This was higher than the economists expected in a Reuters poll, which predicted a 17.3% increase. It also extended the 17.8% growth from the previous month. The November increase in exports was the largest since February 2012.

Enterprise Singapore data shows that exports increased 1.1% in November when compared to the 4.1% increase for the preceding month. This was despite being seasonally adjusted. Forecasters had predicted a rise of 0.2%.

The Electronic NODX rose 29.2% in November, with integrated circuit shipments rising 41.8% due to strong global semiconductor demand.

Non-electronic NODX rose 22.7%. Specialized machinery increased 74.4%. Petrochemicals rose 66.0%. Primary chemicals rose 80.6%.

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