SINGAPORE: Singapore's non-oil domestic exports (NODX) slowed sharply in August as sales of pharmaceuticals came off the sizzling pace of the month before, official data showed on Monday (Sep 17).
Exports rose 5 per cent in August year-on-year, data from the trade agency Enterprise Singapore showed, slowing from the revised 11 per cent rise the month before.
AdvertisementThis was slightly worse than the 5.3 per cent increase predicted by economists in a Reuters poll.
Pharmaceuticals exports in August grew 33.4 per cent from the year earlier, slowing from the 109.2 per cent growth seen in July.
Non-electronic exports grew by 7.8 per cent following an 18.6 per cent expansion in July, data from trade agency Enterprise Singapore showed. Electronic exports declined by 1.5 per cent following a 5.8 per cent decrease in the previous month.
NODX to most of the top 10 markets grew in August, driven mainly by the United States, the European Union and Indonesia.
AdvertisementAdvertisementOn a seasonally adjusted month-on-month basis, exports rose by 0.4 per cent in August after a 3.6 per cent growth in July. The level of NODX reached S$15.6 billion in August, similar to the previous month.
Total trade over the year rose by 13.3 per cent, following a 17.4 per cent growth in July. This was supported by both export and import growth, Enterprise Singapore said.
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