Singapore: Exports fall again in July
August 16, 2013
In July, non-oil domestic exports (NODX) fell 0.7% over the same month last year, marking the softest contraction in six months of consecutive declines. The contraction was an improvement over the 8.9% decrease recorded in June (previously reported: -8.8% year-on-year), and was smaller than the 2.9% contraction expected by the market.
The decline in exports was mainly driven by a contraction in electronic exports (July: -7.6% yoy; June: -12.4% yoy). Non-electronic exports, however, expanded by 3.0% in July (June: -7.2% yoy) led by an increase in structures of ships and boats, as well as in printed matter.
On a monthly basis, exports decreased a seasonally adjusted 1.1%, which contrasted the 3.3% increase tallied in June.
FocusEconomics Consensus Forecast panellists see overall nominal exports expanding 1.4% this year, which would bring exports to a total of USD 442 billion. For next year, the panel projects exports to grow 8.2%, a total of USD 478 billion.
Author: Dirina Mançellari, Senior Economist