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.