Electronic shipments surge 105.1% in June
[SINGAPORE] The Republic’s non-oil domestic exports (NODX) rose 20.7 per cent year on year in June, moderating from the 38.4 per cent rise in May, data from Enterprise Singapore showed on Friday (Jul 17).
It also fell short of private-sector economists’ median forecast of 28.7 per cent year-on-year growth, a Bloomberg poll showed.
Nevertheless, electronics NODX surged 105.1 per cent in June, up from 94.8 per cent growth in May, supported by robust artificial intelligence-related demand.
Disk media products (170.9 per cent), integrated circuits (115.4 per cent) and PCs (95.8 per cent) contributed the most to the expansion.
Meanwhile, non-electronics shipments decreased 2.9 per cent in June, reversing the previous month’s 17.7 per cent growth. This was driven by declines in non-monetary gold (-49 per cent), food preparations (-38.6 per cent) and petrochemicals (-27.9 per cent).
Overall, total merchandise trade expanded 49.3 per cent year on year in June, extending May’s 39.6 per cent rise. Both exports and imports rose.
In June, key exports to all but one of Singapore’s top 10 markets rose.
NODX to Indonesia fell 27 per cent, reversing the previous month’s 2.7 per cent growth.
In contrast, NODX to all other markets posted growth in June. This was led by Taiwan (135.2 per cent), followed by the US (80.9 per cent) and South Korea (67.2 per cent)
Thailand, the European Union 27 and Hong Kong posted growth of 43.5 per cent, 41.4 per cent and 39.5 per cent, respectively.
This was followed by China (30.9 per cent), India (18.2 per cent) and Malaysia (12.4 per cent). Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
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