Singapore's non-oil domestic exports down 8.7% in June 2024
Singapore's non-oil domestic exports in June fell 8.7% from the same month a year earlier, data showed on Wednesday, weighed down mainly by weakness in non-electronic products, according to Reuters. The decline compared with a Reuters poll forecast of a 1.2% drop, and followed a downwardly revised 0.7% contraction in May.
Maybank economist Chua Hak Bin said Singapore's port congestion and the logjam from the Red Sea crisis may be dampening the export recovery since manufacturing and electronics sentiment suggest demand remains healthy.
"The disruption may persist for a few months, but may imply some pent-up demand and catching up in export volumes by late third quarter," Chua said. On a month-on-month seasonally adjusted basis, non-oil domestic exports decreased by 0.4% in June.
Enterprise Singapore's seasonally adjusted data showed the value of non-oil exports at S$13.8 billion ($10.3 billion) in June, level with May and down from S$14.4 billion in June 2023.
