Singapore’s non-oil domestic exports saw a significant increase of 15.7% in July compared to the same period last year, according to data released on Friday. This growth surpasses analysts’ expectations, who had forecasted a modest 1.2% rise.
This robust performance comes after a revised 8.8% contraction in June, highlighting a strong rebound in Singapore’s export sector. On a month-on-month seasonally adjusted basis, non-oil domestic exports grew by 12.2% in July, significantly higher than the predicted 2.2% increase.
Enterprise Singapore reported that non-oil exports to Malaysia surged by 49.1% from the previous year, driven by strong demand for computer peripherals, integrated circuits, and non-monetary gold. Additionally, shipments to the United States increased by 28.9%, and exports to China rose by 21.1% year-on-year.
However, the data also revealed declines in non-oil exports to other key markets, including the European Union, Japan, Hong Kong, and South Korea.
#ITCNewsUpdates #BreakingNews #InternationalTradeNews #ExportUpdate #SingaporeEconomy #EconomicGrowth #BreakingNews
