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Singapore exports rise 12.7% in July, marking 4 straight months of growth
SINGAPORE: Singapore’s non-oil domestic exports (NODX) rose 12.7 per cent in July, marking a fourth straight month of growth.
Growth was mainly due to non-electronics, though electronic exports also rose, according to data released by Enterprise Singapore (ESG) on Tuesday (Aug 17).
On a month-on-month seasonally adjusted basis, NODX decreased by 0.9 per cent in July, after the previous month’s 6 per cent increase.
Electronic shipments expanded 15 per cent on a year-on-year basis in July, driven by personal computers, integrated circuits, as well as diodes and transistors.
Shipments of non-electronic products increased 12.1 per cent in July from a year ago, led by specialised machinery, pharmaceuticals and petrochemicals.
EXPORTS TO TOP MARKETS ROSE OVERALL
Exports to the top markets as a whole rose in July, though exports to the United States declined. The largest contributors to this increase were China, the European Union and Taiwan.
Exports to China grew 58.5 per cent due to specialised machinery, non-monetary gold and petrochemicals.
Shipments to the EU expanded by 61.5 per cent due to civil engineering equipment parts, specialised machinery and pharmaceuticals.
Exports to Taiwan rose 37 per cent in July due to specialised machinery, integrated circuits and measuring instruments.
Exports to emerging markets also grew by 59.9 per cent following the 68.2 per cent expansion in June. This was mainly due to South Asia, Cambodia, Laos, Myanmar and Vietnam, as well as Latin America.
The Ministry of Trade and Industry (MTI) on Aug 11 upgraded the country’s GDP growth forecast for the year to 6 to 7 per cent, up from 4 to 6 per cent.
This is based on the “better than expected” performance of the Singapore economy in the first half of the year, as well as the latest external and domestic economic developments, said the ministry.
Source: https://www.channelnewsasia.com/business/singapore-exports-rise-127-july-2021-nodx-2117381