By Ronnie Harui
SINGAPORE–Singapore’s non-oil domestic exports rose at a faster-than-expected pace in August, as robust growth in non-electronics shipments outweighed a decline in electronics exports.
Non-oil domestic exports from the Southeast Asian trading hub in August expanded 11.4% compared with the same period a year earlier, Enterprise Singapore said Friday. That was above the median estimate for an 8.4% rise in a Wall Street Journal survey of nine economists.
In July, non-oil domestic exports rose 7.0%.
Compared with the month before, Singapore’s non-oil domestic exports fell 3.9% in August in seasonally adjusted terms. That compared with July’s 1.4% growth and with the median estimate for a 3.0% decline in a WSJ poll of five economists.
Electronics exports in August dropped 4.5% from a year earlier, following a 10.3% expansion in July. Non-electronics exports grew 16.9% in August from a year earlier, following July’s 6.1% rise.
The main contributors to non-electronic domestic exports growth in August were pharmaceuticals, which surged 68.8%, food preparations, which jumped 44.5%, and structures of ships & boats, Enterprise Singapore said.
Non-Oil Domestic Exports to Top Markets (% Y/Y Growth) Top Market July August U.S. 10.9 60.0 EU 27 22.9 57.3 Indonesia 22.8 26.3 Japan -15.3 24.6 South Korea 22.4 19.3 Thailand 0.1 16.0 Malaysia 29.9 6.9 Hong Kong -3.8 -31.0 Taiwan 24.4 -24.5 China -21.3 -18.2
Write to Ronnie Harui at firstname.lastname@example.org