Singapore’s key exports dip slightly in May, but electronics segment shines

SINGAPORE: Singapore’s non-oil domestic exports (NODX) declined by 0.1 per cent in Would possibly merely, moderating from the 9.6 per cent contraction in April.

The move of decline eased for non-electronics whereas electronics grew for the 2d consecutive month, posting double-digit explain for the principle time in 22 months, basically based on data released by Venture Singapore (EnterpriseSG) on Tuesday (Jun 18).

The 0.1 per cent decline in NODX develop into the “mildest” seen in 20 months, EnterpriseSG said.

On a yr-on-yr basis, electronic product exports expanded by 21.9 per cent in Would possibly merely, extending the 3.3 per cent amplify within the previous month.

Built-in circuits, disk media merchandise and PCs contributed basically the most to the expansion in electronic NODX, expanding by 35.8 per cent, 92 per cent and 27.2 per cent respectively,

Non-electronic merchandise declined by 6 per cent last month on a yr-on-yr basis, following the 12.6 per cent contraction in April.

Non-monetary gold, pharmaceuticals and electrical circuit equipment contributed basically the most to the decline, contracting by 47.2 per cent, 37.5 per cent and 21.8 per cent respectively.

NODX to the tip markets as a entire grew in Would possibly merely, even although NODX to China, Taiwan, the European Union, Japan and Thailand declined, said EnterpriseSG.

The largest contributors to the rise in NODX had been Hong Kong, Malaysia and the United States, with exports to those markets expanding by 73.4 per cent, 23.6 per cent and 12.1 per cent respectively.

On a yr-on-yr basis, entire alternate expanded by 14.2 per cent in Would possibly merely, following the expansion of 15.6 per cent seen in April.

Each exports and imports rose, by 12.6 per cent and 16 per cent respectively.

Closing month, EnterpriseSG said that the expansion for Singapore’s key exports in 2024 might possibly presumably perhaps will be found at the “decrease fluctuate” of the 4 per cent to 6 per cent forecast after a worse-than-expected first quarter.

NODX declined by 3.4 per cent within the principle quarter of this yr from a excessive substandard a yr within the past, largely pushed by a decline in non-electronics, the agency said on Would possibly merely 23.

On the same day, the Ministry of Alternate and Alternate said that Singapore develop into maintaining its putrid domestic product explain forecast for the yr at a fluctuate of 1 per cent to three per cent as its economy grew by 2.7 per cent yr-on-yr within the principle quarter of 2024.