In a surprising turn, Singapore's non-oil domestic exports experienced growth in November, following a downturn in the previous month, as reported by Enterprise Singapore on Tuesday.
Year-over-year, non-oil domestic exports increased by 3.4% in November, a recovery from the 4.7% decrease witnessed in October. This result defied economists' expectations, who had anticipated a further decline of 1.7%.
The electronics sector notably contributed to this growth, with exports rising by 23.2% compared to the same period last year. Conversely, non-electronics exports saw a reduction of 1.6%.
On a month-to-month basis, non-oil domestic exports surged by 14.7% in November, a significant rebound from the 7.5% decrease in the prior month. Both electronic and non-electronic export sectors showed expansion.
