Singapore: Exports contract for the fifth consecutive month
July 17, 2013
In June, non-oil domestic exports (NODX) fell 8.8% over the same month last year, which marked the fifth consecutive drop. The contraction almost doubled over the 4.6% drop observed in May and far exceeded the 5.8% decrease expected by the market. As a result, in the 12 months up to June, exports declined 6.2% over the same period last year (May: -5.0% year-on-year).
The decline in exports was driven by a sharp contraction in electronic exports (June: -12.4% yoy; May: -13.2% yoy). Non-electronic exports dropped a lesser 7.1% (May: +0.2% yoy), driven by contractions in pharmaceuticals, as well as structures of ships and boats.
On a monthly basis, exports rose a seasonally adjusted 3.2%, which contrasted the 1.1% decrease tallied in May.
FocusEconomics Consensus Forecast panellists see overall nominal exports expanding 3.2% this year, which would bring exports to a total of USD 448 billion. For next year, the panel projects exports to grow 8.0%, a total of USD 484 billion.
Author: Dirina Mançellari, Senior Economist