Singapore: Exports rebound vigorously in May
June 17, 2016
In May, non-oil domestic exports (NODX) jumped 11.6% over the same month last year, which contrasted the 7.9% drop tallied in April and marked the highest reading since March 2015. The result strongly contrasted market expectations of a 1.6% decline.
May’s jump reflected increases in three of the country’s top ten export markets—the U.S., Taiwan and Malaysia. The result observed in May reflected an expansion in shipments of non-electronic products, which outweighed the contraction in electronic NODX. Exports of non-electronic products grew 19.0%, which contrasted the 8.1% contraction tallied in the previous month. Meanwhile, electronics exports contracted 6.0%, which represented a less pronounced decline compared with April’s 7.4% fall.
On a month-on-month seasonally-adjusted basis, exports expanded 16.8% in May, which followed April’s 4.5% growth.