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Singapore's exports grow at faster pace of 8.8% in May

SINGAPORE: Singapore’s non-oil domestic exports (NODX) rose at a faster pace of 8.8 per cent in May, compared to the 6 per cent growth recorded in the previous month.

Growth was mainly due to non-electronics, though electronics also saw an increase, according to data released by Enterprise Singapore (ESG) on Thursday (Jun 17).

Non-electronic NODX increased 8.1 per cent in May, up from 4.7 per cent in the previous month.

The increase in non-electronics was driven by specialised machinery, which rose 58 per cent, in line with robust global semiconductor demand, said ESG.

This was followed by petrochemicals, which expanded 56 per cent after declining amid a global downcycle, and primary chemicals, which grew 97 per cent from a low base a year ago.

Electronics inched up slightly in May at 11 per cent, following a 10.9 per cent growth in the previous month. 

Integrated circuits, telecommunications equipment and diodes and transistors contributed the most to this growth, increasing by 5.8 per cent, 52.3 per cent and 53.9 per cent respectively.

On a month-on-month seasonally adjusted basis, NODX decreased by 0.1 per cent in May, following the previous month’s 8.8 per cent. Electronics exports grew, while non-electronics declined, ESG added.

On a seasonally adjusted basis, the level of NODX remained at S$15.4 billion, similar to the previous month.

READ: Private-sector economists raise Singapore’s 2021 growth forecast again to 6.5%: MAS survey

EXPORTS BY COUNTRY

NODX to the top markets as a whole rose in May, though exports to the US, Japan and the EU declined.

The largest contributors to this increase were China, Hong Kong and Malaysia.

Exports to China grew 36.9 per cent due to specialised machinery, petrochemicals and disk media products.

Exports to Hong Kong expanded by 30.2 per cent, due to integrated circuits, non-electric engines and motors, as well as telecommunications equipment.

Shipments to Malaysia rose by 27.1 per cent, due to petrochemicals, specialised machinery and diodes and transistors.

Exports to emerging markets also grew by 41.4 per cent, mainly due to South Asia, Cambodia, Laos, Myanmar and Vietnam, as well as the Middle East.

READ: Singapore maintains 2021 GDP forecast at 4% to 6% due to ‘heightened uncertainties’ from COVID-19

READ: Singapore's manufacturing output up 2.1% in April; 6th straight month of growth

OTHER TRADE INDICATORS

Non-oil re-exports grew at a slower pace of 31.6 per cent in May from a low base a year ago, following the 34.3 per cent in April, with growth in both electronics and non-electronics. The top contributors were exports to Hong Kong, China and Malaysia.

Total trade expanded 30.9 per cent in May on a year-on-year basis, extending the 26.3 per cent growth in the previous month. Both imports and exports increased, by 32.2 per cent and 29.8 per cent respectively.

However, total trade declined on a month-on-month seasonally adjusted basis, reaching S$95 billion in May, lower than the previous month’s S$95.8 billion.

Source: CNA/ga(rw)

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