Exports growth accelerates to 12.4% in May

This almost doubled April's exports growth of 6.4%.

The growth of non-oil domestic exports (NODX) accelerated in April to 12.4% from 6.4% in April, data from Enterprise Singapore showed.

On an MoM seasonally adjusted basis, exports increased by 3.2%, a rebound from last month's 3.3% decline. 

The bigger increase in NODX in May was driven by the jump in non-electronic and electronic products which rose by 12.2% and 12.9%, respectively.

Amongst the main contributors to the growth in non-electronic exports, non-monetary gold had the biggest increase, soaring 344.4%, followed by specialised machinery (+26.4%) and measuring instruments (+38.0%).

Meanwhile, contributors to the growth of electronic products wereICs, parts of ICs and disk media products which expanded by 26.6%, 116.3% and 10.3% respectively.

Looking at Singapore's top 10 markets, the biggest contributors to the NODX growth in May were Malaysia (+27.9%), Taiwan (+24.7%) and Indonesia (+41.4%).

On the other hand, the US (-9.6%), the EU 27 (-6.6%), Hong Kong (-5.9%) and South Korea (-1.9%) declined.

Apart from NODX, oil domestic exports and non-oil re-exports also grew in may l by 86.4% YoY and 19.9% YoY, respectively.

With the increase in total exports (26.9%) and imports (38.7%), total trade has likewise risen by 32.4%.

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