Singapore July non-oil exports fall less sharply than previous 2 months at 11.2%

SINGAPORE'S non-oil domestic exports (NODX) continued to fall in July, but less sharply. After dropping 16.3 per cent year on year in May and 17.4 per cent in June, the NODX slipped 11.2 per cent last month - against a 15.4 per cent median estimate by private sector economists.

Month on month, the NODX even reversed the previous month's 7.8 per cent decline to post a seasonally adjusted 3.7 per cent growth in July, according to the latest trade figures released by government trade promotion agency Enterprise Singapore.

Year on year, last month's NODX was dragged down by both the electronic and non electronic NODX. The electronic NODX plunged 24.2 per cent, easing from a 31.9 per cent fall in June. The non-electronic NODX, which dropped 12.6 per cent in the previous month, fell 6.6 per cent.

Except for the US, NODX shipments to the majority of the top markets declined in July. Japan (-44.2 per cent), Malaysia (-23.3 per cent) and Hong Kong (-21.7 per cent) were the biggest contributors to the drop. NODX shipments to the US rose further at 12.3 per cent, after a 1.5 per cent increase in June.

Non-oil re-exports slid 0.8 per cent last month, against a 2.8 per cent decline in June. Electronic re-exports fell while non-electronic shipments grew.

Total trade fell 6.0 per cent last month, but less sharply than June's 7.3 per cent drop. Total imports decreased 6.3 per cent while total exports fell 5.8 per cent, according to Enterprise Singapore figures.