Singapore: Exports drop in July
August 17, 2011
In July, non-oil domestic exports (NODX) fell 2.8% over the same month last year to USD 14.4 billion, which marked the largest drop since October 2009. The decline contrasted with both the 1.0% rise recorded in June and market expectations of a 4.6% expansion. A month-on-month comparison corroborates the deterioration suggested by the annual figures as exports fell 2.3% in seasonally-adjusted terms, following the 4.1% contraction in June. The drop reflected a decline in exports of non-electronic products which more than offset the expansion in electronic products. Against this backdrop, on 10 August, the government trimmed its 2011 export growth forecast to 6%-7% from 8%-10%.