Singapore Non-Oil Exports Growth up 8.5% in July

NON-OIL domestic exports (NODX) growth rose 8.5 per cent year on year in July, extending the 8.8 per cent growth in June, according to trade promotion agency International Enterprise Singapore.

But month on month, NODX fell by a seasonally adjusted 2.5 per cent, after a 2.2 per cent dip in the previous month.

Except the European Union and the US, NODX shipments to most of the top 10 markets increased year on year, led by China, Thailand and South Korea. NODX exports to China jumped 20.9 per cent in July, slowing from 48.9 per cent in June. Shipments to Thailand rose 55.3 per cent and to South Korea 45.3 per cent.

Electronic NODX exports increased for a straight nine months, up 16.3 per cent in July following a 5.4 per cent rise in June. Non-electronic NODX shipments went up 5.2 per cent, following a 10.1 per cent growth in the previous month.

Non-oil re-exports surged 17.5 per cent in July, extending the 8.3 per cent increase in June, thanks to higher shipment of both electronic and non-electronic exports.