Singapore Trade July 2016


Singapore: Exports plunge in July

August 17, 2016

In July, non-oil domestic exports (NODX) contracted 10.6% over the same month last year, which was a worse drop than the revised 2.4% decline tallied in June (previously reported: -2.3% year-on-year). The result undershot market expectations of a much milder 1.2% decrease.

July’s contraction resulted from the declines recorded in nine of the country’s top ten export markets—all except the EU. The result observed in July reflected sharper contractions in shipments of both non-electronic products and electronic NODX. Exports of non-electronic products shrank 9.5%, which followed the 2.6% contraction tallied in the previous month. Meanwhile, electronics exports contracted a sharp 12.9%, which represented a more pronounced decline compared with June’s 1.7% fall.

On a month-on-month seasonally-adjusted basis, exports dropped 1.8% in July, which was a much softer decrease than June’s revised 13.0% decline (previously reported: -12.9% month-on-month).

FocusEconomics Consensus Forecast panelists see overall nominal exports falling 7.3% in 2016, which would bring exports to a total of USD 350 billion. For 2017, the panel foresees exports growing 5.8% and thus reaching a total of USD 370 billion by the end of the year.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade July 2016 3

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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