Non-oil exports grow at slower but forecast-beating 5% in August

Singapore

GROWTH of non-oil domestic exports (NODX) eased in August but still beat forecasts, with a year-on-year rise of 5 per cent following July's unexpectedly high 11 per cent expansion, according to Enterprise Singapore data released on Monday. Economists had forecast August's figure to be 3.9 per cent.

NODX growth continued to be led by non-electronic NODX, which grew by 7.8 per cent, compared to 18.6 per cent the month before. The volatile pharmaceutical sector remained the main driver, with other major contributors being food preparations and measuring instruments.

Electronic NODX declined for the ninth straight month, though at a milder pace, shrinking 1.5 per cent in August compared to 5.8 per cent in Jul…