Singapore Trade May 2016


Exports rebound vigorously in May

In May, non-oil domestic exports (NODX) jumped 11.6% over the same month last year, which contrasted the 7.9% drop tallied in April and marked the highest reading since March 2015. The result strongly contrasted market expectations of a 1.6% decline.

May’s jump reflected increases in three of the country’s top ten export markets—the U.S., Taiwan and Malaysia. The result observed in May reflected an expansion in shipments of non-electronic products, which outweighed the contraction in electronic NODX. Exports of non-electronic products grew 19.0%, which contrasted the 8.1% contraction tallied in the previous month. Meanwhile, electronics exports contracted 6.0%, which represented a less pronounced decline compared with April’s 7.4% fall.

On a month-on-month seasonally-adjusted basis, exports expanded 16.8% in May, which followed April’s 4.5% growth.

FocusEconomics Consensus Forecast panelists see overall nominal exports falling 5.2% in 2016, which would bring exports to a total of USD 357 billion. For 2017, the panel foresees exports growing 4.8% and thus reaching a total of USD 374 billion by the end of the year.

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Singapore Trade Chart

Singapore Trade May 2016 0

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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