Nov 2021 Trade

■ NODX growth accelerated to 24.2% yoy in Nov 21, beating our and consensus estimates, accompanied by sequential 1.1% mom SA growth.
■ Electronic NODX expanded 29.2% yoy, its 12th consecutive month of growth, with ICs making up 45% of total 11M21 electronic NODX growth.
■ Non-electronic NODX growth picked up to 22.7% yoy in Nov 21, driven by robust demand for semiconductor manufacturing equipment.