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Singapore July exports rise 6% y/y, higher than forecasts

Reuters SG
Updated ·1-min read
Singapore July exports rise 6% y/y, higher than forecasts

SINGAPORE, Aug 17 (Reuters) - Singapore's July non-oil domestic exports (NODX) rose 6.0% from a year earlier, beating forecasts, official data showed on Monday, driven mainly by non-monetary gold, specialised machinery and pharmaceuticals.

That compared with a revised 13.9% increase in June, and higher than the 4.3% increase forecast by economists in a Reuters poll.

On a seasonally adjusted month-on-month basis, exports rose 1.2% in July after a revised 1.4% decline in the previous month, Enterprise Singapore said in a statement. Economists had forecast a 0.4% rise.

Shipments of non-monetary gold jumped 227.9% in July from a year earlier. The city-state is a big regional player in the gold trade, and exports can be affected by sharp swings in value.

Pharmaceuticals exports rose 15.5%, while electronics increased 2.8%. (Reporting by Aradhana Aravindan in Singapore; Editing by Jacqueline Wong)