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