Singapore Trade Balance June 2020

Singapore

Singapore: Non-oil exports rebound sharply in June

July 17, 2020

Non-oil domestic exports (NODX) jumped 16.1% year-on-year in June, contrasting May’s 4.6% decline. The result—which benefitted from a strong base effect—was notably above market expectations of a 6.2% increase and came on the back of the easing of circuit breaker measures in June.

Looking at the details, June’s result reflected a strong increase in both electronic—particularly telecommunications and disk media products—and non-electronic products. In terms of markets, exports to Japan, South Korea and Taiwan rose strongly, while outflows to Hong Kong retreated further.

In month-on-month terms, NODX exports inched up 0.5% in June, contrasting May’s 4.6% decline.

FocusEconomics Consensus Forecast panelists project exports to total USD 369.0 billion this year and rise to USD 421.0 billion next year.


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Singapore Trade June 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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