Singapore’s key exports chart surprise 3.5% slide in May as front-loading cools

[SINGAPORE] Economists believe that front-loading activity may have started slowing down, after Singapore’s key exports declined 3.5 per cent on the year in May after April’s surge.

The latest non-oil domestic exports (NODX) print reversed from the preceding month’s 12.4 per cent jump and disappointed market expectations of 7.8 per cent growth, data from Enterprise Singapore showed on Tuesday (Jun 17). Shipments to most major trading partners fell, electronics NODX softened, and non-electronics exports contracted.

RHB group chief economist Barnabas Gan and associate research analyst Laalitha Raveenthar noted that economists had anticipated some potential upside from continued front-loading of exports during the 90-day trade truce, particularly between the US and China.