Non-oil exports (NODX) in the republic rose 8.2% in June from a year ago ending flat in the past two months, says Singapore's external trade promotion agency.
However, on a month-on-month seasonally adjusted basis, exports were down 2.7%, as the decline in electronic shipments outstripped the increase in non-electronic shipments, says International Enterprise (IE) Singapore. Data last Friday showed that Singapore narrowly avoided a technical recession, growing at 0.4 per cent in the second quarter from the quarter before, saved by solid global demand for its tech products. Integrated circuits, disk media products and capacitors contributed the most to the growth in electronic domestic exports.
Exports of electronics cooled in June, expanding by 5.4 per cent year-on-year compared to the 28.9 per cent surge in May.
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Total trade increased by 7.5% year-over-year in June for an eighth consecutive month of growth for both exports and imports, the report said. A Reuters poll predicted an expansion of 4.1 per cent. Total imports increased by 6.9 per cent last month, after the 18.4 per cent growth the previous month. The poll projected 2.1 per cent drop in June. Meanwhile, total imports also decreased by 5.2 per cent in June, after the 8.0 per cent growth in the previous month.
NODX to the top markets - China, South Korea, Japan, Malaysia and Hong Kong - rose, outweighing the declines to the US, Taiwan, the European Union 28, Thailand and Indonesia. Non-monetary gold, specialised machinery and petrochemicals increased by 148.0%, 76.1% and 13.7% respectively, contributing the most to the growth in non-electronic NODX.
The largest contributor to the increase was China, Singapore's top export market, at 48.9 percent.
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