Singapore: Exports pick up in June
July 17, 2012
In June, non-oil domestic exports (NODX) expanded 6.8% over the same month last year, which more than doubled the 3.2% increase recorded in May. In addition, the robust figure overshot market expectations, which had NODX growing a softer 2.0%. According to International Enterprise Singapore (IE), the acceleration was underpinned by non-electronic exports, which expanded 9.4% following on a 2.8% increase in May, amid strong shipments from the pharmaceutical sector. Electronic exports, in contrast, decelerated to a 1.6% growth, down from the 3.9% rise seen in May. A month-on-month comparison corroborates the improvement suggested by the annual figures, as exports expanded a seasonally adjusted 6.7%, which contrasted the 2.0% contraction seen in May.