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Singapore Exports Continue To Decline

Singapore's non-oil domestic exports continued to fall in July but at a slower than expected pace, data from Enterprise Singapore revealed on Friday.

NODX declined 11.2 percent year-on-year in July, after a 17.4 percent fall in June. Economists had expected a 15.4 percent fall.

Exports of electronic goods declined sharply by 24.2 percent annually in July, following the 31.9 percent decrease in the previous month.

Non-electronic NODX fell by 6.6 percent in July, after a 12.6 percent contraction in the preceding month.

Exports to the top ten markets declined in July, except to the US. The annual fall was led by Japan, Malaysia and Hong Kong.

On a monthly basis, NODX rose 3.7 percent in July, after a 7.8 percent decrease in the preceding month.

Early this week, the Enterprise Singapore revised down its forecast for NODX for 2019. NODX are forecast to shrink 9 percent to 8 percent this year.

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