SINGAPORE: Singapore’s non-oil domestic exports (NODX) grew 16.1 per cent in June from a year ago, bolstered by shipments of pharmaceuticals, specialised machinery and electronics.
The jump is a reversal of May's revised 4.6 per cent decline, and higher than the 6.2 per cent increase forecast by economists in a Reuters poll.
AdvertisementAdvertisementIt comes off a low base in June last year, when NODX declined by 17 per cent.
On a month-on-month seasonally adjusted basis, NODX rose by 0.5 per cent in June after a revised 4.6 per cent fall in May.
[h=3]READ: Singapore’s economic situation remains dire, with recovery likely to be ‘slow and uneven’: MAS[/h]In June, electronic shipments rose by 22.2 per cent from a year earlier. This was boosted by exports of disk media products, which rose 59.8 per cent; telecommunications equipment, which increased 37.8 per cent; and integrated circuits, which expanded 29.1 per cent.
AdvertisementAdvertisementNon-electronic exports, which rose 14.5 per cent, were helped by demand for non-monetary gold, specialised machinery and pharmaceuticals.
Exports of non-monetary gold grew by 238 per cent, specialised machinery at 45.9 per cent and pharmaceuticals at 30.8 per cent.
[h=3]READ: Commentary: How Singapore can thrive in a world past peak trade, with more regional blocs[/h]Shipments to the top 10 markets grew across the board in June, with the exception of Hong Kong, Indonesia and Thailand.
Exports to Japan rose the most by 94.7 per cent, led by demand for pharmaceuticals, synthetic rubber and waste as well as personal computers.
This was followed by South Korea at 85.6 per cent, mainly due to specialised machinery, measuring instruments and integrated circuits.
However, NODX to emerging markets fell by 28.8 per cent. Shipments to Latin America fell the most at 53.5 per cent, followed by South Asia at 39 per cent and the Middle East at 18.9 per cent.
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