Singapore Trade July 2017


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).

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.1% in 2017, which would bring exports to a total of USD 365.4 billion. For 2018, the panel foresees exports growing 2.6% and reaching a total of USD 375.1 billion by the end of the year.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade July 2017

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.

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