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Singapore Exports Decline More-Than-Forecast

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Singapore's exports declined sharply at a faster-than-expected pace in June as trade disputes weighed heavily on both electronics and non-electronics shipments, data from Enterprise Singapore showed Wednesday.

Non-oil domestic exports declined 17.3 percent year-on-year in June, after decreasing 16.3 percent in May. Exports were forecast to fall moderately by 9.6 percent.

Electronic exports plummeted 31.9 percent in June, following May's 31.6 percent decline. At the same time, non-electronics exports fell 12.4 percent after easing 11.1 percent a month ago.

On a monthly basis, NODX decreased 7.6 percent, in contrast to the 5.8 percent increase in May.

Further, data showed that non-oil re-exports declined 2.8 percent annually in June, reversing the 5.0 percent increase in May, due to the decrease in both electronic and non-electronic re-exports.

NODX to the majority of the top markets decreased in June, except the US. The largest contributors to the decline were Hong Kong, China and the EU 28.

Citing weak foreign demand, the International Monetary Fund on Tuesday lowered Singapore's growth outlook for 2019 to 2 percent from 2.3 percent.

According to official data, released last week, showed that the city-state economy contracted 3.4 percent in the second quarter as trade wars weighed on the electronics and precision engineering.

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