Singapore Trade Balance June 2021

Singapore

Singapore: Non-oil domestic exports growth accelerates in June

July 16, 2021

Non-oil domestic exports (NODX) grew 15.9% year-on-year in June, accelerating from March’s 8.6% increase. The result marked the seventh successive month of growth—driven by strong growth in electronics exports—and also came in well above market expectations. In terms of markets, exports to China, Hong Kong and Thailand grew in a sign of continued strength in regional demand, while exports to Japan and the U.S fell.

In seasonally-adjusted month-on-month terms, NODX exports increased 6.0% in June, contrasting May’s 0.2% decline.

FocusEconomics Consensus Forecast panelists project exports to total USD 480.0 billion in 2021 and rise to USD 520.0 billion in 2022.


Author:, Economist

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Singapore Trade June 2021

Note: Year-on-year and seasonally-adjusted month-on-month variation of non-oil domestic exports in %.
Source: Statistics Singapore (Singstat), International Enterprise (IE) Singapore and FocusEconomics calculations.


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