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Singapore's non-oil domestic exports slide in July
A SLIDE in non-electronics shipments dragged down Singapore's overall non-oil domestic exports (NODX) in July.
Exports fell 0.8 per cent last month compared to the previous year, versus a 4.5 per cent increase in June, trade agency International Enterprise Singapore (IE Singapore) said in a press release on Monday.
The contraction was broad, with exports to all of Singapore's top 10 export markets except Hong Kong, South Korea and Thailand shrinking in July. The worst drop was seen in shipments to Japan, Taiwan and China.
However, the decline was still better than the market consensus forecast of a 2.1 per cent tumble.
NODX was also up 2.4 per cent from June to July on a seasonally adjusted basis.
Last month saw a 2.1 per cent year-on-year contraction in non-electronics exports, led by structures of ships and boats (-98.3 per cent), printed matter (-51.8 per cent) and primary chemicals (-22.1 per cent).
This outweighed a 2.3 per cent growth in electronics shipments, which came largely on the back of personal computers (+74.3 per cent), telecommunications equipment (+86.6 per cent) and diodes & transistors (+21.7 per cent).
IE Singapore said last week NODX had expanded 2.1 per cent in the second quarter from the previous year, a sharp slowdown from the 4.8 per cent jump in the first three months of the year.
Saying that the outlook for regional economies has softened, the agency cut its NODX growth forecast for 2015 last week to a marginal 1-2 per cent year on year.