Non-oil domestic exports decline in June
Non-oil domestic exports (NODX) sank 15.5% annually in June, on the heels of May’s 14.8% plummet. Both electronics and non-electronics exports declined. Shipments to Malaysia, Indonesia and South Korea fell, while shipments to Hong Kong and China rose.
In seasonally adjusted month-on-month terms, NODX exports rose 5.4% in June, compared to May’s 14.6% decrease.
On the outlook, United Overseas Bank’s Alvin Liew said:
“The rebound in Hong Kong’s Jun NODX and the second month of positive China’s NODX growth are welcome signs although we again, are uncertain if it can be sustained. Overall, the export outlook remains troubled, and we continue to expect more
pronounced y/y NODX contractions for a few more months before improving in the later part of 2H 2023.”
Singapore Trade Chart
Singapore Trade Data
|Merchandise Trade Balance (USD bn)||104.4||97.8||106.5||125.7||136.5|