Singapore: Non-oil domestic exports decline less sharply in May
Non-oil domestic exports (NODX) fell 0.1% annually in May, following April’s 9.6% decline. The contraction was the slowest in 20 months. In seasonally adjusted month-on-month terms, NODX exports fell 0.1% in May, compared to April’s 7.3% increase.
Annual NODX for electronics rose in the surveyed month, while the pace of decline of non-electronics shipments softened. In addition, NODX shipments to top importers rose overall in May thanks to surging exports to Hong Kong, Malaysia and the U.S. Meanwhile, exports to China, the EU, Japan and Thailand declined.