By Amanda Lee
SINGAPORE--Singapore's non-oil domestic exports contracted in June, continuing the city-state's choppy trade recovery.
Non-oil domestic exports from the Southeast Asian trading hub in June slipped 8.7% compared with the same period a year earlier, Enterprise Singapore said Wednesday. That compared with a revised 0.7% decrease in May and missed the median estimate from a Wall Street Journal poll of seven economists for a 0.4% contraction.
The decline in non-oil domestic exports was mainly due to non-electronics, Enterprise Singapore said in a statement.
How exports fare has a strong bearing on the outlook for the small, open economy and signs of softer momentum abroad could dent growth at home.
On a month-over-month seasonally adjusted basis, non-oil domestic exports fell 0.4% in June. That compared with May's revised 0.7% contraction.
Electronics exports, which are a key driver of growth, fell 9.5% on year in June, compared with the revised 19.6% expansion recorded in the prior month. Non-electronics exports decreased 8.5% on year last month versus the revised 6.1% decline recorded in May.
Among the main contributors to June's slowdown in non-electronics exports were non-monetary gold, which shrank 51.1% on the year; specialized machinery, which dropped 10.3%; and food preparations, which dropped 16.3%, Enterprise Singapore said.
Non-Oil Domestic Exports to Top Markets
May June
Hong Kong +73.4 -41.9
U.S. +12.1 -21.3
Indonesia +1.0 +3.7
China -22.2 -11.2
South Korea +26.1 -19.1
Thailand -6.3 +55.6
EU 27 -14.0 +6.2
Taiwan -12.6 -20.2
Malaysia +22.6 +35.2
Japan -12.7 -7.6
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
07-16-24 2047ET
