Singapore: Export growth inches up in May
June 21, 2012
In May, non-oil domestic exports (NODX) increased 3.2% over the same month last year, which came in above the revised 1.7% increase recorded in April (previously reported: +8.3% year-on-year). The figure, however, fell short of market expectations, which had exports increasing 5.0%. According to International Enterprise Singapore (IE), the recovery was buttressed by stronger growth in both electronic and non-electronic exports. Electronic exports grew 3.9% in May, up from the 1.0% increase in April, while non-electronic exports added 2.8% (April: +2.1% year-on-year). A month-on-month comparison, however, does not corroborate the improvement suggested by the annual figures, as exports decreased a seasonally adjusted 2.1% in May, which contrasted the 6.4% rise seen in April.