Singapore: Exports continue to expand robustly in July
August 17, 2017
Non-oil domestic exports (NODX) grew 8.4% in July, decelerating slightly from June’s strong 8.8% increase (previously reported: +8.2% year-on-year). 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 Thailand, China, South Korea, Japan, Malaysia, Hong Kong, Indonesia and Taiwan which more than offset weaker demand from the United States and the European Union. Looking at the sector-by-sector picture, exports of non-electronic products increased by 5.2% in July, following the higher 10.1% expansion in June, driven by higher exports of specialized machinery, petrochemicals and non-electric engines and motors. Meanwhile, exports of electronic goods jumped 16.3% in July, tripling the 5.4% growth observed in the previous month.
On a month-on-month seasonally adjusted basis, exports declined 2.5% in July, following June’s revised 2.2% contraction (previously reported: -2.7% mom SA).