Singapore exports fall by 3.3 percent in July

Singapore exports fall by 3.3 percent in July

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For a third continuous month, Singapore exports fall by 3.3 percent in July 2014

Owing to a decrease in both electronic and non-electronic exports, the non-oil domestic exports (NODX) in Singapore have dropped by 3.3 percent this July.

As stated by the International Enterprise Singapore, the statutory board under the Ministry of Trade in the country, there has been a continuous dip in NODX for three months now–4.6 percent in June and 6.6 percent in May.

Singapore exports fall in July 2014

In July, the electronic exports in the country fell by 7.9 percent on-year after dropping by 17.4 percent in June. Diminishing sales of integrated circuits, PC parts and disk media products were mostly to be blamed.

The 1.1 percent fall in non-electronic exports in July was caused by structures of ships and boats, aircraft parts and civil engineering gear, despite getting a 1.3 percent recovery in June.

NODX of all top 10 markets fell year-on-year this July–except EU, China, Taiwan and the US–with the top contributors to the fall being Hong Kong, Indonesia  and Japan.

Similarly, the non-oil re-exports (NORX) too fell by 1.7 percent in July this year, as opposed to a 7.5 percent increase in June.

It was due to the dropping sales in telecommunications equipment, PCs and consumer electrics, the electronic re-exports slumped by 0.1 percent this July after hitting a 6.4 percent increase in June. Non-electronic re-exports fell by 3.3 percent in July, as compared to the 8.7 percent rise in June, mostly because of non-electric engines and motors, nickel and aircraft parts.

Photo Credits: Today Online