Singapore Trade Balance


Singapore: Exports contract in May

June 17, 2014

In May, non-oil domestic exports (NODX) fell 6.6% over the same month last year, which contrasted the 0.9% increase recorded in April and the 0.5% rise that the markets had expected. The figure marked the fastest contraction in six months.

According to International Enterprise (IE) Singapore, the improvement was broad-based. Exports of electronic products contracted 15.3% in May, which was a deterioration over the 8.7% decrease observed in April. In addition, non-electronic exports swung from a 5.5% increase in April to a 2.4% decrease in May.

A month-on-month variation in NODX confirms the deterioration observed in the annual variation. Exports fell a seasonally-adjusted 7.5% in May, which contrasted the 9.0% increase recorded in April.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 3.8% this year, which would bring exports to a total of USD 454 billion. For next year, the panel projects exports to grow 6.4%, for a total of USD 483 billion.

Author:, Senior Economist

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Singapore Trade Balance Chart

Singapore Trade May 2014

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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