Singapore's exports grew by 8.2 percent after two months of decline

Singapore's exports grew by 8.2 percent after two months of decline

Singapore's exports grew by 8.2 percent after two months of decline

SINGAPORE'S non-oil domestic exports (NODX) in June 2017 rose by 8.2 per cent to S$14.7 billion compared with a year ago due to the increase in electronic and non-electronic NODX.

Both electronic and non-electronic shipments rose, with the electronics sector clocking in its eighth straight month of expansion.

The decline in electronic exports outweighed the increase in non-electronic ones, according to the IE Singapore report published on Monday, July 17, 2017.

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However, a month-on-month seasonally adjusted basis, exports declined 2.7 percent in June 2017, after a 9.4 percent increase last month. Non-oil domestic exports regained momentum in June, driven by the rebound in non-electronics exports after the high-base induced decline in the past month.

"We still maintain our positive outlook on the overall NODX expansion for 2017, supported by continued growth in electronics exports". A Reuters poll predicted an expansion of 4.1 per cent. Meanwhile, total imports also decreased by 5.2 per cent in June, after the 8.0 per cent growth in the previous month. This followed the previous month's increase of 39.0 percent, led by non-monetary gold, ICs and petrochemicals.

The largest contributors to the Nodx increase were China (+48.9 per cent), South Korea (+56.9 per cent) and Japan (+26.7 per cent).

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