Singapore's Non-oil Exports Fall 15.5% On-Year in June, below Expectations

tendata blogTrade Trends News

ten data blog20-07-2023

singapore exports,singapore non-oil exports,singapore domestic exports

Singapore's non-oil domestic exports fell 15.5 percent year-on-year in June, dragged down by a slump in electronic and non-electronic products, official data showed on Monday.

Last month's drop compared with a Reuters poll forecasting a 15.8 percent decline and extended a 14.8 percent contraction in May.

Singapore's economy narrowly avoided a technical recession like those in New Zealand and Germany, with preliminary estimates for the second quarter showing 0.3% growth from a year earlier. The first quarter saw a 0.4% contraction on a year-on-year basis.

On a seasonally adjusted year-on-year basis, non-oil domestic exports grew by 5.4% in June, compared with a 14.6% decline in May. This was below analysts' forecasts for a 5.9% decline.

Non-oil domestic exports to Singapore's top 10 markets as a whole fell last month.

Exports to neighboring Malaysia contracted 30.7% year-on-year last month due to lower shipments of integrated circuits, plastic products and specialized machinery.

Exports to Indonesia declined by 35.7% on the back of lower exports of petrochemicals, plastic lumber and primary chemicals. Exports to China rose by 3.1% in June, following a 3.7% increase in May.

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