Singapore Trade

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Singapore: Exports fall in July as top export markets deteriorate

August 17, 2015

In July, non-oil domestic exports (NODX) fell 0.8% over the same month last year, which contrasted the 4.5% increase tallied in June and marked a five-month low. The result was less than the 2.1% decline that the markets had expected.

July’s increase reflected deteriorations in half of the top ten export markets, including China, the Eurozone and the United States. According to International Enterprise (IE) Singapore, July’s fall reflected poorer performance in both non-electronics and electronics exports. Exports of non-electronic products in July fell 2.1%, which contrasted the 3.3% expansion tallied in the previous month. Meanwhile, electronics grew 2.3%, which was below the 7.6% expansion recorded in June.

On a month-on-month seasonally-adjusted basis, exports increased 2.4% in July, which contrasted June’s 2.7% decrease.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 6.0% in 2015, which would bring exports to a total of USD 412 billion. For 2016, the panel foresees exports growing 4.5% and thus reaching a total of USD 431 billion by the end of the year.


Author:, Economist

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Singapore Trade July 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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