Singapore: Non-oil domestic exports contract in July
Latest reading: Non-oil domestic exports (NODX) contracted by more than expected, falling 4.6% in annual terms in July (June: +12.9% yoy). July’s figure marked the worst contraction since October 2024. In seasonally adjusted month-on-month terms, NODX exports declined 6.0% in July, following June’s 14.2% increase
The decline in annual terms was driven by a sharp contraction in pharmaceutical and petrochemical exports, due to a high base effect. Moreover, growth in electronics shipments lost some steam, highlighting the fading effect of frontloaded sales. Looking at key export markets, annual NODX to China swung into contraction, and shipments to the U.S. declined at a steeper pace. In contrast, exports to the Euro area rebounded.
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