Singapore: Non-oil exports lose steam in July
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.