Singapore’s non-oil exports jump by 15.7% YoY in July

Singapore’s non-oil domestic exports rebounded strongly in July, surging 15.7 per cent year-on-year. This marked a significant reversal from the 8.8 per cent decline recorded in the previous month, according to data released by Enterprise Singapore.

Both electronics and non-electronics sectors contributed to the overall growth. Electronics exports climbed 16.5 per cent, driven primarily by integrated circuits (up 13.5 per cent) and disk media products (up 113.2 per cent).

Meanwhile, the non-electronics segment saw a 15.5 per cent increase, with petrochemicals (up 28.1 per cent) and non-monetary gold (up 260.3 per cent) as the key contributors.

The export uptick was evident across major markets. Shipments to China grew by 21.1 per cent, and those to the United States increased by a substantial 28.9 per cent.

However, exports to Japan and the European Union experienced modest declines of 7.9 per cent and 4.7 per cent, respectively.

Economists expected exports would continue to recover on the back of better external demand.

Attribution: Hong Kong Export Credit Insurance Corporation report 

Subediting: M. S. Salama