Non-oil exports in Singapore increased 15.9% in June, above expectations

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Singapore’s non-oil homegrown fares (Nodx) sped up last month and at speed quicker than anticipated, helped by electronic and non-electronic shipments like particular apparatus and petrochemicals.
Nodx rose 15.9% from a low point a year ago, outperforming the 8.6% rise in May. According to the government agency Enterprise Singapore (ESG) data on Friday, this also continued the upward growth trend witnessed since December last year (July 16).
Last month’s year-over-year export rise was nearly double the 8% gain predicted by Bloomberg’s poll of analysts.
Last month, Nodx grew by 6% month over month, seasonally adjusted, after falling by 0.2 percent the month before. It outperformed the Bloomberg survey’s prediction of a 1% increase.
Last month, electronic exports increased by 25.5 percent on a year-over-year basis, following an increase of 11 percent in May. Shipments of personal computers increased by 130.2%, integrated circuits increased by 14.9%, and diodes and transistors increased by 32.2%.
Following a 7.9% increase the previous month, non-electronic shipments increased by 13.2 percent.
Shipments of specialized machinery increased by 43.2 percent, while shipments of petrochemicals increased by 51.2 percent. Nodx shipments to Singapore’s top 10 markets increased overall, while shipments to the US, Japan, and Malaysia decreased. China, with 27.6%, the European Union (36.7%), and Taiwan were the biggest contributors to the increase in Nodx (41.4 percent).
The expansion in Nodx, according to UOB Group economist Barnabas Gan, was not only unexpectedly high compared to consensus forecasts but also came after a comparatively good performance in June last year. In June of last year, Nodx increased 13.9% year over year and 0.5% month over month on a seasonally adjusted basis.

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