SINGAPORE – Singapore’s non-oil domestic exports (Nodx) grew at a faster rate in May compared with the previous month, aided by electronic and non-electronic shipments such as machinery and chemicals.
Nodx rose 8.8 per cent last month, following the 6 per cent gain in April, continuing the positive growth trend since December 2020, according to data released by Enterprise Singapore (ESG) on Thursday (June 17).
But May’s export growth was less than the 16 per cent growth forecast by analysts polled by Bloomberg. On a month-on-month seasonally adjusted basis, Nodx decreased by 0.1 per cent in May, after the previous month’s 8.8 per cent decline.
Export of electronic products rose by 11 per cent on an year on year basis, higher than the 10.9 per cent growth achieved in April.
Shipments of diodes and transistors jumped by 53.9 per cent, and telecommunications equipment by 52.3 per cent, contributing the most to the growth in electronic Nodx.
Non-electronic product exports grew by 8.1 per cent from the same month of 2020. In April they were up 4.7 per cent.
Primary chemicals led the non-electronics growth, rising 96.8 per cent, specialised machinery was up 58 per cent and petrochemicals rose 55.7 per cent.
Last month, official forecasts for Singapore’s key exports and overall merchandise trade were raised, amid better-than-expected growth seen in the first quarter of 2021.
Nodx is expected to expand between 1 per cent and 3 per cent for 2021, up from 0 per cent to 2 per cent. Total trade is predicted to increase 5 per cent to 7 per cent, higher than the 2 per cent to 4 per cent forecast in February.
Nodx rose 9.7 per cent year on year in the first quarter, driven by increases in both electronics and non-electronics shipments and reversing the 0.5 per cent decline seen the previous quarter, according to data released by ESG on May 25.
