Singapore’s non-oil exports widely misses forecasts with 0.2% dip in May

Due to a slip in electronic exports.

Singapore’s non-oil domestic exports (NODX) posted a 0.2% decline in May, in contrast to the 2.2% year-on-year increase in the previous month.

According to International Enterprise Singapore, the decline was due to a contraction in electronic NODX, which outweighed the increase in non-electronic NODX.

This figure is a wide miss from consensus expectations of a 2.3% year-on-year gain.

On a month-on-month seasonally adjusted basis, NODX declined by 3.1% in May, after the previous month’s 8.6% contraction, due to the decrease in both electronic and non-electronic NODX

On a year-on-year basis, total trade contracted by 14.6% in May, following the 11.7% decline in the previous month.

Total exports decreased by 10% last month, following the 9.4% contraction in April. Meanwhile, total imports declined by 19.6% in May, following the 14.3% decrease in the preceding month.