[SINGAPORE] The Republic’s key exports declined 3.5 per cent on the year in May after April’s surge, contrary to market expectations, data from Enterprise Singapore showed on Tuesday (Jun 17).
The latest non-oil domestic exports (NODX) print reversed from the preceding month’s 12.4 per cent jump. It came as a shock, against the 7.8 per cent growth anticipated by private-sector economists in a Bloomberg poll.
On a seasonally adjusted monthly basis, NODX contracted 12 per cent, reversing from the preceding month’s 10.4 per cent expansion.
Year on year, electronics exports gained 1.7 per cent in May, sharply slowing from the 23.4 per cent expansion recorded in the month before. PCs (50.9 per cent), integrated circuits (4.3 per cent) and consumer electronics (49 per cent) led the growth.
Meanwhile, non-electronics shipments contracted 5.3 per cent on the year, in a turnaround from the 9.3 per cent rise in April. The main drivers of the fall were petrochemicals (-17.8 per cent), non-monetary gold (-25.9 per cent) and specialised machinery (-11.7 per cent).
Of Singapore’s top 10 markets, NODX to the majority slid.
Key exports to the US (-20.6 per cent) and Thailand (-17 per cent) declined by double-digits. NODX to Malaysia, China, the European Union and Japan also fell, from the year-ago period.
Meanwhile, NODX to Hong Kong, South Korea, Indonesia and Taiwan still grew on year in May – but the expansions were significantly weaker than the year-on-year growth recorded in April.
Overall, total trade increased 1 per cent from the corresponding year-ago period in May, narrowing from the 14.7 per cent expansion in the preceding month. Total exports rose by 2.5 per cent, following April’s 22.1 per cent. Total imports declined by 0.5 per cent, after the previous month’s 6.9 per cent increase.
