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.
Author: Stephen Vogado, Economist