Singapore exports rise for 3rd straight month, but pace of growth slows

SINGAPORE: Singapore’s exports rose for the third consecutive month in June, although the pace of growth slumped due to the slower growth of pharmaceutical shipments, official data showed on Tuesday (Jul 17).

Non-oil domestic exports (NODX) grew just 1.1 per cent last month, slowing significantly from a 15.5 per cent expansion in May and 11.8 per cent in April, according to figures released by the trade agency Enterprise Singapore.

This was less than the 7.6 per cent rise predicted in a Reuters poll of analysts.

On a seasonally adjusted month-on-month basis, exports fell 10.8 per cent in June after growing 10.3 per cent the month before. The poll tipped a contraction of 8 per cent.

Pharmaceutical exports grew 19.1 per cent in June from the year earlier, slowing from 32.1 per cent growth in May.

Shipments of electronics fell by 7.9 per cent, after declining 7.8 per cent in May. The growth of non-electronic exports slowed to 4.6 per cent in June, following a 26.2 per cent expansion in the previous month.

Overall, shipments to four of Singapore’s top 10 markets grew, with growth led by the US and Indonesia. Shipments to China, Singapore’s biggest export market, fell by 15.8 per cent after declining 6 per cent in May.

Source link