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Singapore’s non-oil exports rise above expectations

Singapore’s non-oil domestic exports (NODX) increased by 11.8 percent in July year-on-year, surpassing expectations, according to the country’s International Enterprise (IE).
Singapore’s non-oil exports rise above expectations ảnh 1Illustrative photo (Photo: AFP/ VNA)

Singapore (VNA) – Singapore’s non-oil domestic exports (NODX)increased by 11.8 percent in July year-on-year, surpassing expectations,according to the country’s International Enterprise (IE).

The growth accelerated from the 0.8 percent rise of June andwas better than the 6.7 percent increase predicted by economists in a Reuterspoll.

On a seasonally adjusted month-on-month basis, exportsexpanded 4.3 percent in July after declining by 11.1 percent in June. The pollcalled for a 0.2 percent expansion from the month before.

The better-than-expected jump was thanks to a surge inpharmaceutical exports, which rose 109.2 percent in July from a year earlier.

NODX to seven of the top 10 NODX markets saw growth in July,unlike in June when only four NODX markets saw growth. The key drivers were theUS, Japan and Indonesia, while the laggards were the Republic of Korea, China’sHong Kong and Thailand.

According to IE, the total trade of Singapore increased 17.6percent year on year in July. Total exports grew 13.7 percent year on year inthe month, and total imports rose by 22.1 percent year on year.

OCBC Bank's head of treasury research and strategy, SelenaLing, noted that
pharmaceuticals output and exports can be rather volatiledepending on the turnaround for each production cycle, therefore it is unclearhow long this current uptick will sustain beyond the immediate few monthsahead.

She predicted that the country’s export growth in 2018 wouldreach 4-5 percent.

The Singapore Government recently raised its full-year NODXgrowth forecast for 2018 to between 2.5 percent and 3.5 percent, up from 1percent to 3 percent previously. The upward revision came as exports rose 9.4percent year-on-year in the second quarter, much stronger than the firstquarter's 1.1 percent increase on the back of sector-specific rising exports infood and beverages, machinery and pharmaceutical goods.

But the Ministry of Trade and Industry has also cautionedthat downside risks, such as trade tensions, rising global interest rates andtightening financial conditions, may weigh on global growth and trade flows.-VNA
VNA
#Singapore#non-oil domestic exports#International Enterprise#Reuters poll#pharmaceutical exports#NODX growth#Ministry of Trade and Industry#Vietnam#VietnamPlus#Viet Nam News
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