Singapore Trade June 2016


Exports drop in June

In June, non-oil domestic exports (NODX) decreased 2.3% over the same month last year, which contrasted the robust 11.6% rise tallied in May. Markets had expected a 2.1% decline.

June’s drop reflected decreases in five of the country’s top ten export markets—the largest drops were recorded for China, Indonesia and the EU. The result observed in June reflected contractions in shipments of both non-electronic products and electronic NODX. Exports of non-electronic products shrank 2.5%, which contrasted the 19.0% expansion tallied in the previous month. Meanwhile, electronics exports contracted 1.7%, which represented a less pronounced decline compared with May’s 6.0% fall.

On a month-on-month seasonally-adjusted basis, exports plummeted 12.9% in June, which contrasted May’s strong rebound of 16.8%.

FocusEconomics Consensus Forecast panelists see overall nominal exports falling 7.2% in 2016, which would bring exports to a total of USD 350 billion. For 2017, the panel foresees exports growing 6.1% and thus reaching a total of USD 371 billion by the end of the year.

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Singapore Trade Chart

Singapore Trade June 2016 4

Note: Year-on-year and seasonally-adjusted month-on-month variation of non-oil domestic exports in %.
Source: Statistics Singapore (Singstat) and FocusEconomics calculations.

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