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Singapore exports drop in May, after three months of growth

Reuters SG
Updated ·1-min read
Singapore exports drop in May, after three months of growth

SINGAPORE, June 17 (Reuters) - Singapore's on-year non-oil domestic exports (NODX) growth fell in May, official data showed on Wednesday, breaking three months of pharmaceutical-led gains which had defied broader weakness in the bellwether economy.

Exports fell 4.5% in May year-on-year, data from the trade agency Enterprise Singapore showed, slowing sharply from the 9.7% rise the month before.

This was worse than the 0.1% decline predicted by economists in a Reuters poll.

On a seasonally adjusted month-on-month basis, exports also contracted 4.5% in May after declining a revised 5.1% in April. Economists had forecast an 8.5% contraction. (Reporting by John Geddie and Aradhana Aravindan; Editing by Himani Sarkar)