Off the mark: Singapore’s exports slide 6.6% in May

The decline is even worse than the gloomy forecasts.

Singapore’s non-oil domestic exports (NODX) had already been expected to decline in May, but the stunning 6.6% yoy decrease defied even the gloomiest of forecasts.

According to data released by International Enterprise Singapore, last month’s NODX was hauled down by sluggish electronic domestic exports, which experienced a 15.3% yoy dip in May.

The decrease in electronic domestic exports was largely due to a whopping 57.8% decrease in consumer electronics, along with a 16.2% drop in integrated circuit exports and an 18.6% decline in the export of personal computer parts.

Non-electronic exports also suffered a blow, with exports of aircraft parts dipping by 30.2%, coupled with a 26.3% drop in pharmaceutical exports and a 13.1% in specialised machinery.

Here’s more from IE:

On a y-o-y basis, total trade expanded by 0.4 per cent in May 2014, following the 5.7 per
cent increase in the previous month. Total exports decreased by 1.2 per cent in May 2014,compared to the 5.6 per cent expansion in the previous month.

Total imports increased by 2.1 per cent in May 2014, following the 5.8 per cent rise in the preceding month.On a m-o-m SA basis, total trade contracted by 4.0 per cent in May 2014, after the 0.7 per cent increase in the preceding month.

On a SA basis, the level of total trade reached S$84.0 billion in May 2014, lower than the previous month’s achievement of S$87.5 billion. Total exports declined by 4.1 per cent in May 2014, after the 2.7 per cent rise in the previous month.

Total imports contracted by 3.8 per cent in May 2014, following the 1.3 per cent decline in the preceding month.