Singapore (CU)_ Singapore’s major exports witnessed a strong growth in May as a result of its non-electronic shipments, in addition to the growing electronic shipments. According to the latest figures issued by Enterprise Singapore (EnterpriseSG), non-oil domestic exports (NODX) climbed 12.4% annually last month from a low base a year earlier, following five consecutive months of slower growth. This follows the 6.4% increase in April.
In May, non-electronic shipments grew by 12.2% annually, after a 4.6% increase in the previous month. Non-monetary gold, specialized machinery, and measurement devices were the primary contributors to the expansion of non-electronic NODX. The annual increase in electronic shipments was 12.9%, which is little higher than the 12.8% increase in April. Exports of integrated circuits, integrated circuit components, and disk media goods performed the best. On a seasonally adjusted month-to-month basis, the NODX increased by 3.2% in May to $17.1 billion, after decreasing by 3.3% in April.
NODX to Singapore’s leading 10 markets increased overall, with Indonesia, Thailand, Malaysia, and Taiwan leading the way. However, shipments to the United States and the 27 European Union nations decreased in May following an increase in April, while sales to South Korea and Hong Kong continued to fall at a lesser rate. Following a 10.6% drop in April, exports to China increased 0.2% in May. In May, overall commerce increased by 32.4% annually, following a 21.6% increase in April.
Overall exports increased by 26.9%, while overall imports increased by 38.7%. May’s overall commerce volume reached $122.2 billion on a seasonally adjusted basis. After a first-quarter performance that exceeded expectations, Singapore increased its full-year trade projections last month. According to statistics from EnterpriseSG, NODX climbed by 11.4% annually in the first quarter, following a 20.1% increase in the preceding quarter. NODX is anticipated to increase between 3% and 5% in 2022.
