Singapore Trade

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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.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% in 2015, which would bring exports to a total of USD 432 billion. For 2016, the panel foresees exports growing 2.1% and thus reaching a total of USD 442 billion by end of the year.


Author:, Economist

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Singapore Trade Chart


Singapore Trade May 2015

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


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