Singapore: Exports unexpectedly rebounded in August
September 16, 2011
In August, non-oil domestic exports (NODX) increased 5.1% over the same month last year to reach USD 16.6 billion. The reading contrasted both the previous month's 2.8% contraction as well as market expectations, which had NODX contracting 6.5%. The most important driver behind the monthly increase was exports of non-electronic products (+20.0% year-on-year), in particular ships and boats, which more than offset a contraction in electronic products (-19.0% yoy). A month-on-month comparison corroborates the improvement suggested by the annual figures, as exports expanded a strong 8.3% in seasonally adjusted terms, which contrasted the 2.3% contraction recorded in July.