Singapore Trade Balance May 2020

Singapore

Singapore: Non-oil exports record sharpest fall since November in May

June 17, 2020

Singapore’s non-oil domestic exports (NODX) fell 4.5% year-on-year in May, contrasting April’s 9.7% increase and marking a six-month low. The result was notably below market expectations of a 0.1% decline and was influenced by low global demand amid lockdowns to contain the coronavirus pandemic.

Looking at the details, May’s reading reflected a sharp drop in sales of non-electronic products, which included an over 30% plunge in sales of petrochemicals. In terms of markets, exports to the EU 27 and Indonesia fell notably.

In month-on-month terms, NODX exports contracted 4.5% in May, which followed April’s 5.1% decrease.

FocusEconomics Consensus Forecast panelists project exports to total USD 381.0 billion this year and rise to USD 424.0 billion next year.


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Singapore Trade May 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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