Singapore: Exports decline for the fourth consecutive month in May
June 17, 2013
In May, non-oil domestic exports (NODX) fell for a fourth month in a row and declined 4.6% over the same month last year. The figure followed the 1.0% decrease observed in April and was larger than the 1.0% contraction expected by the market. As a result, in the 12 months up to May, exports declined 5.0% over the same period last year (April: -4.4% year-on-year).
The decline reflects a drop in electronic exports, which fell 13.2% (April: -9.0% yoy). Non-electronic exports, on the other hand, rose 0.2% (April: +3.3% yoy), driven by pharmaceuticals and printed matter.
On a monthly basis, exports declined a seasonally adjusted 1.1%, which contrasted the 1.1% rise seen in April.
FocusEconomics Consensus Forecast panellists see overall nominal exports expanding 3.3% this year, which would bring them to a total of USD 449 billion. For next year, the panel projects exports to grow 8.1% to a total of USD 485 billion.