Singapore’s exports grow strongly in May

Singapore (VNA) - Singapore's key exports grew strongly in May, after five months of slower growth.

Non-oil domestic exports (NODX) rose 12.4 percent year on year last month from a low base a year ago, according to data released by Enterprise Singapore (EnterpriseSG).

This follows the 6.4 percent growth in April and is better than the 7.5 percent median forecast of analysts polled by Bloomberg.

Khoon Goh, head of Asia research at Australia & New Zealand Banking Group (ANZ), said the May NODX was driven mainly by shipments of non-monetary gold, which rose 344 percent year on year.

Non-electronic shipments increased by 12.2 percent year on year in May, following the 4.6 percent growth in the previous month.

Electronic shipments rose by 12.9 percent year on year, slightly faster than the 12.8 percent growth in April.

On a year-on-year basis, total trade grew by 32.4 percent in May, following the 21.6 percent increase in April. Total exports grew by 26.9 percent while total imports expanded by 38.7 percent./.