Singapore’s June exports fall 8.7% y/y, steeper than forecast
2024.07.16 21:18
SINGAPORE (Reuters) – Singapore’s non-oil domestic exports fell 8.7% in June from the same month a year earlier, data showed on Wednesday, weighed down mainly by falls in non-electronic products.
The decline compared with a Reuters poll forecast of a 1.2% drop, and followed a downwardly revised 0.7% contraction in May.
On a month-on-month seasonally adjusted basis, non-oil domestic exports decreased by 0.4% in June.
Enterprise Singapore’s seasonally adjusted data showed the value of non-oil exports at S$13.8 billion in June, level with May and down from S$14.4 billion in June 2023.
The government said the decline was mainly due to non-electronic exports, “primarily, volatile products like non-monetary gold”.
Non-oil exports to Singapore’s top markets declined as a whole in June. The largest was the 41.9% annual contraction in exports to Hong Kong, after growth of 73.4% in May, due to lower shipments of non-monetary gold, integrated circuits and measuring instruments.
