Key non-oil domestic exports (NODX) rose 8 per cent in December to 11.3 billion Singapore dollars (6.8 billion U.S. dollars), powered by electronics, the government said on Monday. That followed a 16.5 per cent gain in November. Exports grew a seasonally adjusted 0.3 per cent in December from the previous month, reversing November's 9.1 per cent decline, said International Enterprise Singapore. Total trade rose 14.4 per cent on year in December, sustaining the double-digit growth trend that started in February last year, the agency said. Electronics exports, which account for about 50 per cent of non-oil exports, rose 8.3 per cent in December while pharmaceuticals fell 25.9 per cent. NODX to all of Singapore's top ten markets continued to grow in December except for Malaysia, which saw a 2 per cent drop. For 2004, NODX rose 17 per cent to 132.8 billion Singapore dollars (80.4 billion U.S.). Total trade grew 22.5 per cent to 580 billion Singapore dollars (351 billion U.S.). Export growth this year will moderate between 7 to 9 per cent as economic growth in key exports markets slow, the agency said. Singapore's economy grew 8.1 per cent in 2004. Growth is expected to moderate between 3 to 5 per cent in 2005.
