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Singapore’s exports grow at slower pace of 9% in June

Singapore’s exports grow at slower pace of 9% in June

A container vessel anchored out past the Pasir Panjang terminal is seen behind cable car cabins in Singapore on Jun 17, 2022. (File photo: AFP/Roslan Rahman)

SINGAPORE: Singapore's non-oil domestic exports (NODX) grew at a slower pace of 9.0 per cent year-on-year in June after the revised 12.0 per cent growth in May, expanding for the 19th straight month.

Both electronics and non-electronics exports increased, and exports to the top 10 markets as a whole rose in June, mainly due to the United States, Malaysia and Indonesia, according to official data released by Enterprise Singapore (ESG) on Monday (Jul 18).

NODX to the 27 European Union countries, Hong Kong, South Korea and Thailand declined.

On a month-on-month seasonally adjusted basis, NODX increased by 3.7 per cent in June, following the previous month's revised 2.8 per cent growth. Both electronics and non-electronics grew.

On a seasonally adjusted basis, the level of NODX reached S$17.7 billion in June, higher than the previous month's S$17.1 billion, as well as levels a year ago.

NODX rose over the year, mainly due to shipments of non-electronics. Electronics also grew.

On a year-on-year basis, electronic NODX rose by 4.1 per cent in June, following the 12.9 per cent growth in the previous month.

Integrated circuits, parts of integrated circuits and disk drives rose by 26.0 per cent, 86.1 per cent and 18.0 per cent respectively, contributing the most to the growth in electronic NODX.

Non-electronic NODX increased by 10.6 per cent in June on a year-on-year basis, following the revised 11.7 per cent rise the previous month.

Food preparations, petrochemicals and measuring instruments contributed the most to the growth in non-electronic NODX, increasing by 48.0 per cent, 21.1 per cent and 30.9 per cent respectively.

EXPORTS TO TOP MARKETS

NODX to the top 10 markets as a whole rose in June, with the largest contributors to that growth being the US, Malaysia and Indonesia.

Exports to the US increased by 21.5 per cent in June, after a 9.6 per cent decline in May, due to food preparations, specialised machinery and telecommunications equipment.

Exports to Malaysia increased by 43 per cent in June, after a 27.9 per cent rise in May, due to integrated circuits, non-monetary gold and specialised machinery.

Exports to Indonesia increased by 21.6 per cent in June, following the revised 31.3 per cent expansion in the preceding month, due to plastic plates and sheets, non-monetary gold and iron and steel scrap.

Exports to emerging markets grew by 30.3 per cent in June, following the 61.9 per cent expansion in May. The rise in exports to emerging markets was mainly due to Latin America, South Asia and the Cambodia, Laos, Myanmar and Vietnam grouping.

On a year-on-year basis, total trade grew by 31.0 per cent in June, following the revised 32.1 per cent increase in May. Total exports grew by 29.5 per cent while total imports expanded by 32.5 per cent.

Source: CNA/kg(gr)

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