Singapore’s Non-Oil Domestic Exports Grew 9.0% in June

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By Ronnie Harui

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SINGAPORE–Singapore’s non-oil domestic exports rose at a faster-than-expected pace in June, owing to growth in both electronics and non-electronics shipments as well as strong expansion in exports to the US, China, Malaysia, Japan.

Non-oil domestic exports from the Southeast Asian trading hub in June expanded 9.0% compared with the same period a year earlier, Enterprise Singapore said Monday. The growth was above the median estimate for an 8.0% rise compiled in a Wall Street Journal survey of five economists. In May, non-oil domestic exports rose 12.0% from a year earlier.

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Compared with the month before, Singapore’s non-oil domestic exports in June rose 3.7% in seasonally adjusted terms, after the prior month’s 2.8% growth.

Electronics exports in June climbed 4.1% from a year earlier, slower than the 12.9% expansion in the previous month. Non-electronics exports grew 10.6% compared with the 11.7% expansion in the prior month.

The main contributors to non-electronic domestic exports growth in June were food preparations, which jumped 48.0%, petrochemicals, which climbed 21.1%, and measuring instruments, which rose 30.9%.

Exports of pharmaceuticals in June slid 20.7% on year, Enterprise Singapore said.

Non-Oil Domestic Exports to Top Markets (% Y/Y Growth) Top Market May 2022 June 2022 U.S. -9.6% 21.5% Malaysia 27.9% 43.0% Indonesia 31.3% 21.6% Japan 15.4% 18.6% China 0.2% 4.8% Taiwan 24.7% 10.0% Thailand 28.8% -4.1% South Korea -1.9% -8.1% Hong Kong -5.9% -17.9% EU 27 -6.6% -16.4%

Write to Ronnie Harui at [email protected]

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Credit: www.marketwatch.com /

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