SINGAPORE — Singapore’s non-oil domestic exports in June fell 8.7 percent from the same month a year earlier, data showed on Wednesday, weighed down mainly by weakness in nonelectronic products.
The decline compared with a Reuters poll forecast of a 1.2-percent drop, and followed a downwardly revised 0.7-percent 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 percent in June.
Enterprise Singapore’s seasonally adjusted data showed the value of non-oil exports at SG$13.8 billion ($10.3 billion) in June, level with May and down from SG$14.4 billion in June 2023.
The government said the decline was mainly due to nonelectronic exports, “primarily, volatile products like nonmonetary gold.”
Nonelectronic products in June fell 8.7 percent from a year earlier.
Non-oil exports to Singapore’s top markets declined as a whole in June. The largest was the 41.9-percent annual contraction in exports to Hong Kong, after growth of 73.4 percent in May, due to lower shipments of nonmonetary gold, integrated circuits and measuring instruments.
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