Singapore Trade May 2017


Singapore: Exports continue to fall in May

June 16, 2017

Non-oil domestic exports (NODX) decreased a slight 1.2% in May 2017, reflecting the decrease in non-electronic NODX off the high base a year ago. The result represented a deterioration from April’s 0.8% drop, which had come after five consecutive months of growth, and surprised analysts on the upside, coming in well above market expectations of a much sharper 7.0% contraction.

May´s reading resulted from weaker demand mainly from countries which are not among the top ten markets for Singapore’s NODX, as NODX to the top ten markets, except Hong Kong, expanded in May. Looking at the sector by sector picture, exports of non-electronic products decreased by 9.0% in May after a 2.9% fall in April, driven by lower exports of pharmaceuticals, civil engineering equipment parts and non-monetary gold. Meanwhile, exports of electronic goods jumped 23.3% in May, building on the 4.8% uptick observed in the previous month.

On a month-on-month seasonally adjusted basis, exports expanded 8.1% in May, strongly contrasting April’s 9.0% decrease.

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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