Singapore's exports down 15.9% in May

Singapore's exports down 15.9% in May

Singapore's non-oil domestic exports (NODX) fell by 15.9 per cent in May, data from trade agency Enterprise Singapore showed on Monday (Jun 17). Henry Yin reports.

SINGAPORE: Singapore's non-oil domestic exports (NODX) fell by 15.9 per cent in May, data from trade agency Enterprise Singapore showed on Monday (Jun 17).

The drop, partly due to a sharp decline in shipments to China, was slightly smaller than the 16.5 per cent decline predicted by economists in a Reuters poll, but more than the 10 per cent fall seen in April.

On a seasonally adjusted basis, exports rose 6.2 per cent month-on-month in May, following April's decline of 0.7 per cent due to a decrease in both electronic and non-electronic products.

Both electronic and non-electronic exports declined, with shipments to most top markets falling.

Electronic exports plunged 31.4 per cent in May year-on-year, on the back of the 16.3 per cent contraction in the previous month.

Integrated circuits (ICs), disk media products and parts of ICs contracted by 39.8 per cent, 42.4 per cent and 54.2 per cent respectively, contributing the most to the decline in electronic NODX.

Non-electronic exports declined by 10.8 per cent year-on-year in May, after the 8.0 per cent decline in the previous month.

Civil engineering equipment parts (-92.4 per cent), non-monetary gold (-72.4 per cent) and petrochemicals (-14.7 per cent) contributed the most to the decline in non-electronic NODX.

Total trade decreased by 2.1 per cent in May on a year-on-year basis, after the 3.2 per cent growth in the previous month.

Overall, exports to the majority of Singapore's top markets decreased in May, except to the US.

The largest contributors to the NODX decrease were China (-23.3 per cent), Taiwan (-34.7 per cent) and Hong Kong (-24.8 per cent).

Source: Agencies/CNA/ic(rw)

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