Economists expect tech upcycle to lift Singapore’s key exports in H2 after better-than-expected 0.1% slide in May
But downside risks, including geopolitical conflicts and supply chain disruptions, may dampen recovery
Add BT as a preferred source
SINGAPORE’S non-oil domestic exports (NODX) beat analyst expectations to shrink 0.1 per cent year on year (yoy) in May, as electronics shipments continued to recover on the back of the global tech upswing.
May’s print moderated from the previous month’s revised 9.6 per cent contraction and marked the mildest decline in 20 months, data from Enterprise Singapore (EnterpriseSG) showed on Tuesday (Jun 18). It was also better than the 1.1 per cent decline private-sector economists predicted in a Bloomberg poll.
On a seasonally adjusted monthly basis, NODX declined 0.1 per cent in May, reversing from April’s revised 7.3 per cent expansion. While non-electronics decreased, electronics grew.
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
Cat A COE rate exceeds Cat B for third time in 4 months; premiums largely down
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
Singapore workers experiencing rising anxiety; signs of fallout from pressure to use AI
