Singapore: Exports contract slightly in May
June 17, 2015
In May, non-oil domestic exports (NODX) contracted 0.2% over the same month last year, contrasting the 2.2% increase tallied in April. The print largely undershot the 3.1% expansion that the markets had expected.
May’s fall reflected deteriorations in five of the top 10 export markets, including the Eurozone and Japan. According to International Enterprise (IE) Singapore, May’s deterioration reflected a slower expansion in non-electronics exports, which more than offset a softer contraction in electronics exports. Exports of non-electronic products in May eased to 0.8% growth from the 4.7% increase tallied in the previous month. Meanwhile, electronics decreased 2.5% in May, which was above the 4.0% contraction recorded in April.
On a month-on-month seasonally-adjusted basis, exports decreased 3.1% in May, which was a softer contraction compared to the 8.6% decrease seen in April.
Author: Eric Denis , Economist