Singapore Trade Balance July 2020


Singapore: Non-oil exports lose steam in July

August 17, 2020

Non-oil domestic exports grew 6.0% annually in July, decelerating from June’s 13.9% increase but beating market expectations. The deceleration was driven partly by a smaller increase in overseas sales of electronic products, which had benefitted from a positive base effect in June. In addition, non-electronic exports also lost steam in July. In terms of markets, exports to Indonesia, Thailand, Hong Kong, China and the EU 27 dropped in July, but sales to the U.S., Korea and Taiwan rose.

In seasonally-adjusted month-on-month terms, NODX exports rose 1.2% in July, contrasting June’s 1.4% drop.

FocusEconomics Consensus Forecast panelists project exports to total USD 390.0 billion this year and rise to USD 427.0 billion next year.


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Singapore Trade Balance Chart

Singapore Trade July 20 20

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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