Singapore exports up 8.5% in July in third straight month of growth

Singapore exports up 8.5% in July in third straight month of growth

SINGAPORE: Non-oil domestic exports (NODX) in Singapore rose by 8.5 per cent year-on-year in July, the third consecutive month of growth, according to statistics released by trade agency International Enterprise (IE) Singapore on Thursday (Aug 17).

July's rise comes after exports grew slightly in May by 0.4 per cent and rebounded in June by 8.8 per cent.

However, on a month-on-month seasonally adjusted basis, exports were down 2.5 per cent, as the decrease in non-electronic NODX outweighed the increase in electronic NODX, IE Singapore said. 

Electronic shipments were up for the ninth consecutive month on a year-on-year basis, rising 16.3 per cent in July. The increase was largely due to ICs, parts of PCs and disk media products, which grew by 31 per cent, 9.9 per cent and 5.9 per cent respectively, IE Singapore said. 

Non-electronic shipments rose 5.2 per cent, following a 10.1 per cent increase in the previous month. Specialised machinery, petrochemicals and non-electric engines and motors increased by 82.1 per cent, 38.3 per cent and 35.3 per cent respectively, contributing most to the increase.

Exports to Singapore's top 10 markets grew last month, with the exception of the EU28 and the United States, IE Singapore said. Shipments to China, Singapore's biggest export market, expanded by 20.9 per cent.   

Non-oil re-exports rose by 17.5 per cent year-on-year, following a 8.3 per cent expansion in June. Shipments of both electronic and non-electronic re-exports increased, IE Singapore said. 

Source: CNA/dl