Singapore non-oil export growth slows to 9% in June, dragged by electronics

SINGAPORE – Singapore’s key exports posted slower growth last month, after rising by a revised 12 per cent in May, according to data released by Enterprise Singapore (EnterpriseSG) on Monday (July 18).

Non-oil domestic exports (Nodx) rose 9 per cent year on year in June, expanding for the 19th straight month.

The figure beat the 6.1 per cent growth forecast of analysts polled by Bloomberg.

Electronic shipments rose 4.1 per cent in June, slowing sharply from the 12.9 per cent growth in May.

Integrated circuits (ICs), parts of ICs and disk drives contributed the most to the growth in electronic Nodx.

Non-electronic Nodx increased by 10.6 per cent last month, following the 11.7 per cent rise in May.

Food preparations, petrochemicals and measuring instruments contributed the most to the growth in non-electronic Nodx.

On a seasonally adjusted basis, Nodx increased by 3.7 per cent month on month in June, after May’s 2.8 per cent gain, to reach $17.7 billion.

Looking at Nodx to Singapore’s top 10 markets, exports to the United States rebounded, surging 21.5 per cent, after falling 9.6 per cent in May.

Exports to China grew faster, rising 4.8 per cent in June as the easing of Covid-19 restrictions in Shanghai continued to drive a recovery in shipments.

Malaysia and Indonesia continue to be among the top export markets for Singapore, but Thailand fell back, as exports to the country shrank 4.1 per cent in June after the 28.8 per cent growth the previous month.

Singapore’s exports to South Korea, Hong Kong and the 27 countries in the European Union continued to fall.

Exports to the EU fell 16.4 per cent in June, with the strengthening Singapore dollar against the euro set to make the Republic’s exports to the European bloc even more expensive.