Singapore's exports growth slows to 2.7% in Q2

Singapore's exports growth slows to 2.7% in Q2

A view of the Keppel container port in Singapore. (File photo: AFP/Roslan Rahman)

SINGAPORE: Non-oil domestic exports (NODX) grew 2.7 per cent year-on-year in the second quarter of the year, slowing from the 15.3 per cent expansion in the previous quarter, the International Enterprise (IE) Singapore said on Friday (Aug 11). 

The growth was on increased shipments of electronic products. which outweighed the decrease in non-electronics, IE Singapore said in its press release.

Its figures showed that domestic exports of electronic products - comprising 28.8 per cent in 1H 2017 - increased by 13.3 per cent in the second quarter, following the 9.5 per cent growth in the first quarter. 

Integrated circuits, parts of PCs and PCs expanded by 25.1 per cent, 18.4 per cent and 11.4 per cent, respectively, and they contributed the most to the increase in electronic NODX, the agency said.

As for non-electronic products, domestic exports - comprising 71.2 per cent of NODX in 1H 2017 - declined by 1.1 per cent in the second quarter, off the high base a year ago, after the 17.8 per cent growth in the first quarter. 

The largest contributors to the decrease in non-electronic NODX were civil engineering equipment parts (-82.5 per cent), pharmaceuticals (-30.5 per cent) and non-electric engines & motors (-49.9 per cent), IE Singapore said. 

Exports to all top markets rose in the second quarter, except to the EU 28, Hong Kong and the United States. The biggest contributors to the increase were China (+33.2 per cent), South Korea (+62.7 per cent) and Taiwan (+22.5 per cent), the figures showed.

Non-oil re-exports rose 8 per cent in the second quarter, following the 6.8 per cent growth in the previous one, on the back of higher shipments for both electronic and non-electronic re-exports, said IE Singapore. 

Total merchandise trade and NODX forecasts for 2017 are narrowed upwards to between 6 to 7 per cent and 5 to 6 per cent, respectively.

Source: CNA/kk

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