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Singapore exports down 1.2% in May, second straight month of decline

Singapore exports down 1.2% in May, second straight month of decline

SINGAPORE: Non-oil domestic exports (NODX) in Singapore fell by 1.2 per cent in May over the same time last year, according to statistics released by trade agency International Enterprise (IE) Singapore on Friday (Jun 16), continuing its slide from the previous month. Exports in May rose a seasonally adjusted 8.1 per cent month-on-month after the previous month’s 9 per cent decrease, due to the increase in both electronic and non-electronic NODX, IE Enterprise said.  Electronic exports rose 23.3 per cent in May, following a 4.8 per cent increase in the previous month. The increase was largely due to ICs (31.2 per cent), PCs (64.7 per cent) and parts of PCs (26.2 per cent), IE Singapore said.

Non-electronic exports fell 9 per cent, after a 2.9 per cent decline in the previous month. Civil engineering equipment parts, non-monetary gold and pharmaceuticals decreased by 92.5 per cent, 24.6 per cent and 14.2 per cent, respectively, contributing the most to the decline.  Shipments to all of Singapore’s top 10 markets rose last month, with the exception of Hong Kong. Exports to China increased 36.4 per cent from a year earlier, while shipments to South Korea rose 64.3 per cent and shipments to the EU 28 grew 16.2 per cent, IE Singapore said.

Non-oil re-exports rose 14.3 per cent year-on-year, after a 0.3 per cent decline in the previous month. Electronic re-exports rose 13.8 per cent, following a 3.5 per cent growth in April, IE Singapore said. The expansion was due to ICs (14.8 per cent), telecommunications equipment (26.4 per cent) and parts of PCs (20.2 per cent).  Non-electronic re-exports increased 14.8 per cent, after a 4.1 per cent decline in the previous month. The expansion was due to non-electric engines and motors (141.3 per cent), aircraft parts (47 per cent) and personal beauty products (52.3 per cent), the agency added.