News ID: 196808
Published: 0625 GMT July 17, 2017

Singapore exports firm in June

Singapore exports firm in June

Singapore’s non-oil domestic exports grew at a faster pace than forecast in June as outbound shipments of petrochemicals rose.

Non-oil domestic exports rose 8.2 percent year on year, according to International Enterprise Singapore. A median of economist forecasts compiled by Bloomberg predicted a five percent increase. The figure for May was revised to 0.4 percent growth in exports (previously a 1.2 percent fall), FT wrote.

Outbound shipments of electronics grew 5.4 percent year on year in June, coming in well below the previous month’s growth of 28.9 percent.

Exports of non-electronic products grew 9.3 percent year on year, snapping two months of contraction, with shipments of petrochemicals increasing by 13.7 percent. Exports to South Korea saw the sharpest year-on-year rise, up 56.9 percent for June, while those to China jumped 48.9 percent and shipments to Japan increased by 26.7 percent. Shipments to the EU and US slipped 3.3 percent and 5.7 percent respectively.

An initial reading of Singapore’s gross domestic product for the second quarter released on Friday showed the country’s economy grew 2.5 percent, falling short of a median forecast of 2.8 percent growth.

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