Singapore Trade June 2018

Singapore

Singapore: Export growth screeches to a halt in June, as trade concerns continue to rise

July 17, 2018

Non-oil domestic exports (NODX) inched up 1.1% in June in annual terms, down sharply from May’s 15.5% growth and markedly undershooting market expectations.

June’s slight uptick was driven by greater non-electronic exports—particularly of food preparations, pharmaceuticals and petrochemicals—and greater demand from the EU and the U.S. However, worsening demand conditions in many Asian markets, such as China, Japan and South Korea, weighed on growth. Moreover, the important electronic sector saw exports decline year-on-year for the seventh consecutive month. After being a major driver of export growth for much of 2017 thanks to booming world trade, the performance of electronic exports so far in 2018 is being affected in part by tough year-on-year comparatives.

On a month-on-month seasonally adjusted basis, exports plummeted 10.8%, contrasting the previous month’s 10.3% rise.

Singapore Trade Balance Forecast


FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 9.7% in 2018 and imports growing 12.3%, with the trade surplus reaching USD 84.4 billion. For 2019, panelists see exports growing 5.4% in 2019 and imports climbing 5.5%, with the trade surplus totaling USD 88.3 billion. The main risk for Singapore’s external sector is that recent tit-for-tat tariffs between the U.S. and China descend into an all-out trade war, which would likely significantly dampen export performance and disrupt regional supply chains.


Author:, Economist

Sample Report

Looking for forecasts related to Trade in Singapore? Download a sample report now.

Download

Singapore Trade Chart


Singapore Trade June 2018 0

Note: Year-on-year and seasonally-adjusted month-on-month variation of non-oil domestic exports in %.
Source: Statistics Singapore (Singstat) and International Enterprise (IE) Singapore and FocusEconomics calculations.


Singapore Economic News

  • Singapore: Manufacturing and electronics PMIs push further into expansionary territory July

    August 2, 2021

    The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for both the manufacturing and electronics sectors rose slightly in July, thus moving further into expansionary territory as the two sectors continue to gradually recover from last year’s pandemic-induced downturn. The manufacturing PMI rose to 51.0 in July from 50.8 in June, thus moving further above the 50-point threshold that separates expansion from contraction in the sector and marking the 13th consecutive month of expansion in the manufacturing sector.

    Read more

  • Singapore: Inflation holds stable in June

    July 23, 2021

    Consumer prices dropped 0.01% in June over the previous month, swinging from the 0.80% rise seen in May.

    Read more

  • Singapore: Non-oil domestic exports growth accelerates in June

    July 16, 2021

    Non-oil domestic exports (NODX) grew 15.9% year-on-year in June, accelerating from March’s 8.6% increase.

    Read more

  • Singapore: Economy grows at fastest rate in 11 years in Q2

    July 14, 2021

    The economy expanded 14.3% year-on-year in the second quarter according to an advanced estimate, marking a rapid acceleration from Q1’s 1.3% growth and the fastest expansion since Q2 2010.

    Read more

  • Singapore: Manufacturing and electronics PMIs edge higher in June

    July 3, 2021

    The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for both the manufacturing and electronics sectors rose slightly in June, thus moving further into expansionary territory as the two sectors continue to gradually recover from last year’s pandemic-induced downturn. The manufacturing PMI inched higher to 50.8 in June from 50.7 in May, thus moving further above the 50-point threshold that separates expansion from contraction in the sector and marking the twelfth consecutive month of expansion in the manufacturing sector.

    Read more

More news

Search form