Singapore: Exports decelerate in July
August 22, 2012
In July, non-oil domestic exports (NODX) increased 5.8% over the same month last year. The figure came in below both the revised 6.6% rise seen in June (previously reported: +6.8% year-on-year) and market expectations, which had NODX expanding 6.1%. Non-electronic exports increased 7.9%, which represents a moderation compared to the 9.2% rise observed in June. In contrast, growth in electronic exports picked-up to a 2.0% expansion, which was a notch above the 1.6% rise seen in June. A month-on-month comparison corroborates the deceleration suggested by the annual figures, as exports dropped a seasonally adjusted 3.6%, which contrasted the 6.7% increase seen in June.