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.
Author: Dirina Mançellari, Senior Economist