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Singapore's non-oil domestic exports dip 0.2% in May

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A drop in electronic shipments dragged Singapore's non-oil domestic exports down 0.2 per cent from a year ago in May, against market expectations of a 2.3 per cent rise. The drop came after a 2.2 per cent increase in April.

A DROP in electronic shipments dragged Singapore's non-oil domestic exports down 0.2 per cent from a year ago in May, against market expectations of a 2.3 per cent rise. The drop came after a 2.2 per cent increase in April.

Month-on-month, NODX fell a seasonally adjusted 3.1 per cent, just a shade less than the 3.2 per cent projected by private-sector economists. NODX contracted 8.6 per cent month-on-month in April.

Electronic NODX slipped 2.5 per cent year-on-year last month. While this was smaller than the 4 per cent decrease in April, trade promotion agency International Enterprise Singapore indicated it outweighed the 0.8 per cent rise in non-electronic NODX. The latter's growth also came in weaker than in April, when non-electronic NODX was up 4.7 per cent.

NODX exports to all 10 major markets declined in May, except for the US, South Korea, Thailand and Hong Kong. Indonesia, the EU and China were the biggest contributors to last month's dip in the NODX.

Non-oil re-exports also fell 2.7 per cent in May, extending the 2.1 per cent drop in April, due to a fall in both electronic and non-electronic NODX.

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Update: Economists surprised by May's NODX decline 

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