Singapore: Export growth accelerates in June
July 17, 2017
Non-oil domestic exports (NODX) grew 8.2% in June 2017, accelerating notably from May’s subdued 0.4% increase. The result strongly benefited from a jump in demand from China and came in well above market expectations of a much softer 4.0% expansion.
June´s reading resulted from stronger demand mainly from China, South Korea, Japan, Malaysia and Hong Kong, which more than offset weaker demand from the United States, Taiwan, the European Union, Thailand and Indonesia. Looking at the sector by sector picture, exports of non-electronic products increased by 9.3% in June, contrasting the 8.6% contraction in May, driven by higher exports of non-monetary gold, specialized machinery and petrochemicals. Meanwhile, exports of electronic goods grew 5.4% in June, decelerating from the impressive 28.9% jump observed in the previous month.
On a month-on-month seasonally adjusted basis, exports declined 2.7% in June, strongly contrasting May’s 9.4% expansion.