Singapore’s non-oil exports down 15.5 percent in May
Singapore’s non-oil domestic exports (NODX) decreased by double digits for the third straight month in May, according to the latest report released by the Enterprise Singapore on June 17.
Singapore’s non-oil domestic exports decrease by 15.5 percent in May (Source: businesstimes.com.sg)Singapore (VNA) – Singapore’s non-oil domestic exports (NODX) decreased by double digits for the third straight month in May, according to the latest report released by the Enterprise Singapore on June 17.
In the month, NODX fell by 15.5 percent year-on-year, following decreases of 11.8 percent in March and 10 percent in April.
The report attributed the reduction to declines in both electronic and non-electronic shipments.
Electronic NODX fell by a sharp 31.4 percent in May, following the 16.3 percent decrease in the previous month, while non-electronic NODX decreased by 10.8 percent last month, after the 8 percent decline in April.
Decreases in Singapore’s exports were seen in nine out of its 10 biggest importers, with the highest rates reported in China, Hong Kong and Taiwan. The country’s export turnover to the US increased by 2.2 percent.
Recently, the Singaporean Ministry of Trade and Industry adjusted the forecast economic growth rate for 2019 from 1.5-3.5 percent to 1.5-2.5 percent.-VNA
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