Singapore's key exports fall 0.1% in May; electronics posts double-digit growth for first time in 22 months

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

The pace of decline eased for non-electronics while electronics grew for the second consecutive month, posting double-digit growth for the first time in 22 months, according to data released by Enterprise Singapore (EnterpriseSG) on Tuesday (Jun 18).

The 0.1 per cent decline in NODX was the "mildest" seen in 20 months, EnterpriseSG said.

On a year-on-year basis, electronic product exports expanded by 21.9 per cent in May, extending the 3.3 per cent increase in the previous month.

Integrated circuits, disk media products and PCs contributed the most to the growth in electronic NODX, expanding by 35.8 per cent, 92 per cent and 27.2 per cent respectively,

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

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

NODX to the top markets as a whole grew in May, although NODX to China, Taiwan, the European Union, Japan and Thailand declined, said EnterpriseSG. 

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

On a year-on-year basis, total trade expanded by 14.2 per cent in May, following the growth of 15.6 per cent seen in April. 

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

Last month, EnterpriseSG said that the growth for Singapore's key exports in 2024 could come in at the "lower range" of the 4 per cent to 6 per cent forecast after a worse-than-expected first quarter.

NODX declined by 3.4 per cent in the first quarter of this year from a high base a year ago, largely driven by a decline in non-electronics, the agency said on May 23.

On the same day, the Ministry of Trade and Industry said that Singapore was maintaining its gross domestic product growth forecast for the ...

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