Singapore's non-oil domestic exports for June showed resilience despite challenges, with a reported 8.7% year-on-year decline, slightly exceeding expectations. The drop, driven by non-electronic products, contrasts with a revised 0.7% contraction in May but indicates robust recovery potential.
Economist Chua Hak Bin from Maybank noted Singapore's capacity constraints and global supply chain disruptions, including logistical hurdles in the Red Sea. Despite these challenges, Chua remains optimistic about a rebound in export volumes by the third quarter, buoyed by anticipated pent-up demand.
On a month-on-month basis, non-oil domestic exports eased by 0.4% in June, maintaining stability compared to May. Enterprise Singapore's data reported export values at S$13.8 billion ($10.3 billion), aligning with May figures and reflecting a slight decline from June 2023's S$14.4 billion.
The decline in June was primarily attributed to non-electronic exports, including volatile items like non-monetary gold, which saw an 8.7% decrease year-on-year.
Although exports to key markets, including a notable 41.9% decline in exports to Hong Kong following May's exceptional growth, faced challenges, Singapore's export resilience amidst global uncertainties underscores its strategic resilience in navigating economic fluctuations.
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