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Singapore Exports Fall For Third Month

Singapore's non-oil domestic exports declined for the third straight month in May on weak electronic and non-electronic shipments, data from Enterprise Singapore showed on Monday.

NODX declined 15.9 percent in May largely due to the high base a year ago. However, this was slower than the expected annual fall of 16.5 percent but bigger than April's 10.0 percent decrease.

Exports of electronic goods declined 31.4 percent in May, following the 16.3 percent contraction in the previous month. Non-electronic NODX decreased by 10.8 percent after the 8.0 percent decline.

Lower demand from China, Taiwan and Hong Kong, among the top 10 market, led the fall in NODX. Exports to majority of the top markets decreased in May, except the US.

Exports to China plunged 23.3 percent in May after a 5.9 percent fall in April. Meanwhile, exports to U.S. rose slightly by 0.2 percent, following a 2.2 percent increase.

On a month-on-month basis, a seasonally adjusted NODX rose 6.2 percent in May, after a 0.7 percent fall in the prior month.

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