Singapore Trade Balance July 2021


Singapore: Non-oil domestic exports growth slows in July

August 17, 2021

Non-oil domestic exports (NODX) grew 12.7% year-on-year in July, slowing slightly from June’s 15.9% increase. The result marked the eighth successive month of growth—driven by a strong increase in electronics exports—and also came in well above market expectations. In terms of markets, exports to China, Taiwan and Thailand grew in a sign of continued strength in regional demand, while exports to the U.S fell.

In seasonally-adjusted month-on-month terms, NODX exports declined 0.9% in July, contrasting June’s 6.0% increase.

Looking ahead, Euben Paracuelles and Charnon Boonnuch, economists at Nomura, commented:

“We expect NODX growth to remain robust, helped by the sustained tech upcycle and robust demand for pharmaceutical products amid global vaccine production. […] Our optimistic view continues to be underpinned by a strong expansion in the manufacturing sector, driven by the sustained tech uptrend, while global vaccine manufacturing is also boosting pharmaceuticals output.”

FocusEconomics Consensus Forecast panelists project exports to total USD 478.0 billion in 2021 and rise to USD 519.0 billion in 2022.

Author:, Economist

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Singapore Trade Balance Chart

Singapore Trade July 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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