Singapore: Non-oil domestic exports growth slows in July
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.”