Singapore exports rebound in June after 2 months of flat growth

Singapore exports rebound in June after 2 months of flat growth

Singapore Port
A view of the container port in Singapore. (File photo: MPA)

SINGAPORE: Non-oil exports in Singapore rose 8.2 per cent last month from a year ago after flat growth in the previous two months, trade agency International Enterprise (IE) Singapore said on Monday (Jul 17).

However, on a month-on-month seasonally adjusted basis, exports were down 2.7 per cent, with the decline in electronic shipments outweighing the increase in non-electronic shipments, IE Singapore said.

Electronic shipments were up for the eighth consecutive month on a year-on-year basis, but the pace of increase slowed to 5.4 per cent from 28.9 per cent in May. ICs, disk media products and capacitors led the growth in June, rising by 20.7 per cent, 2.9 per cent and 10.5 per cent, respectively.

Non-electronic shipments rose 9.3 per cent, after an 8.6 per cent decline in the previous month. Gold, specialised machinery and petrochemicals contributed the most to the growth, rising by 148 per cent. 76.1 per cent and 13.7 per cent, respectively.

Exports to China, South Korea, Japan, Malaysia and Hong Kong grew, outweighing the decline in exports to the US, Taiwan, EU, Thailand and Indonesia. Shipments to China, Singapore’s biggest export market, expanded by 48.9 per cent.

Non-oil re-exports rose 9.1 per cent in June, following a 15 per cent expansion in the previous month. Shipments of both electronic and non-electronic re-exports increased, IE Singapore said.

Source: CNA/cy