Singapore’s exports grew by 8.2 percent after two months of decline

Singapore’s non-oil domestic exports grew by 8.2 percent last month (June 2017) from a year ago after two straight months of decline, according to trade agency International Enterprise (IE) Singapore.

However, a month-on-month seasonally adjusted basis, exports declined 2.7 percent in June 2017, after a 9.4 percent increase last month.

Photo: Connected to India
Photo: Connected to India

The decline in electronic exports outweighed the increase in non-electronic ones, according to the IE Singapore report published on Monday, July 17, 2017.

Exports to the top markets China, South Korea, Japan, Malaysia and Hong Kong rose. These outweighed the declines to the US, Taiwan, the EU, Thailand and Indonesia.

The largest contributor to the increase was China, Singapore's top export market, at 48.9 percent. This followed the previous month’s increase of 39.0 percent, led by non-monetary gold, ICs and petrochemicals. 

Non-oil re-exports rose by 9.1 percent in June 2017, due to the increase in both electronic and non-electronic re-exports. 

Total trade rose over the year in June 2017, supported by both import and export growth.