Non-oil domestic exports up 8.3 per cent
But figure remains below analysts' expectations of 11.1% growth
Singapore's export growth clocked a strong showing last month, led by non-electronic shipments and supported by the volatile pharmaceuticals sector again.
The Republic's non-oil domestic exports (Nodx) rose 8.3 per cent from a year ago in September, up from 5 per cent in August, with expansion in non-electronic exports outweighing a dip in electronics.
This figure, however, remained below analysts' expectations of 11.1 per cent growth reflected in a Bloomberg forecast poll.
Last month's growth may also have been impacted by some re-routing of trade between the United States and China for goods produced there, OCBC Bank's head of treasury research and strategy Selena Ling told The Straits Times.
"If you look at China's trade surplus data for September, it is also very obvious that there is still a lot of frontloading that is ongoing, ahead of further tariffs that are to come," she said.
Non-electronic exports grew by 11.9 per cent last month, up from a 7.8 per cent rise the month before - with pharmaceuticals, non-monetary gold and food preparations contributing the most to this.
Electronic Nodx continued to decline, dropping by 0.9 per cent last month, following a 1.5 per cent dip in August.
Contributing the most to this slip were shipments of personal computers, diodes and transistors, as well as parts of integrated circuits.
Year-on-year growth in this sector has also been in negative territory since last December, with analysts expressing concern over fallout from heightening trade tensions.
"I think the days of double-digit declines, hopefully, seem to be over," said Ms Ling. "But I don't think we will see a sharp pick-up yet, not with the general growth environment softening and the uncertainty around when the US-China trade war will be resolved."
On a seasonally adjusted month-on-month basis, Nodx declined 4.3 per cent last month, after a 0.4 per cent growth in August - due to a drop in both electronic and non-electronic exports.
While Nodx to the top 10 markets rose overall last month, with exports to the US, Europe and Thailand in the lead, shipments to others such as China, South Korea, Malaysia, Japan and Hong Kong fell.
UOB senior economist Alvin Liew noted the "shifting importance of export destinations".
In particular, exports to China dropped 17.8 per cent from the year before, with declines in both electronics and non-electronics. But shipments to the US jumped 41.5 per cent overall compared with a year ago.
Mr Liew added that export declines to North Asia could be related to a global tech cycle slowdown.
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