Here's what worsened the weakness in Singapore's tech sector

Domestic exports dropped 12.4%.

According to CIMB, a pair of “8s” may be an auspicious number for the Chinese but it is still no dance of joy for Singapore’s exporters when Jun’s NODX shrank a larger-than-expected 8.8% yoy (consensus: -5.8%, CIMB: -5.0%), following May’s -4.6%.

Tech’s weakness was compounded by a drop in non-tech DX.

Here's more from CIMB:

We maintain our 2013 NODX-growth forecast of 2% (1H13: -8.8%), expecting a recovery in late 2H13 with the aid of global-growth improvements and an undemanding base.

Although Jun’s tech DX (33% of NODX) fell 12.4% yoy vs. May’s -13.5% yoy (11th consecutive month of yoy decline), there was some cause for cheer.

Adjusted for the number of working days, tech DX reached S$186m a day last month, the highest this year, lifting the average for 2Q13 to S$184m a day vs. S$165m a day in 1Q13. Yoy, tech DX contracted 11.5% in 2Q13 vs. 1Q13’s -17.2%.

This was supported by semiconductors (14% of NODX) worth S$78m a day in 2Q13 (-12% yoy) vs. S$72m a day in 1Q13 (-14% yoy).

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