SINGAPORE: Singapore’s non- oil domestic exports ( NODX ) declined by 0.1 per cent in May, moderating from the 9.6 per cent contraction in April.
According to data released by Enterprise Singapore ( EnterpriseSG) on Tuesday ( Jun 18 ), the pace of decline for non-electronics eased while electronics experienced double-digit growth for the second consecutive month.
The 0.1 per cent reduction in NODX was the “mildest” seen in 20 times, EnterpriseSG said.
On a season- on- time schedule, digital product exports expanded by 21.9 per cent in May, extending the 3.3 per cent increase in the previous month.
Integrated circuits, drive advertising products and PCs contributed the most to the rise in technological NODX, expanding by 35.8 per share, 92 per share and 27.2 per cent both,
Following the 12.6 % contraction in April, non-electronic products decreased by 6 % last month on a year-on-year basis.  ,
Non- financial gold, pharmaceuticals and electric circuits machine contributed the most to the collapse,  , contracting by 47.2 per cent, 37.5 per cent and 21.8 per cent both.  ,
NODX to the major markets as a whole grew in May, although NODX to China, Taiwan, the European Union, Japan and Thailand declined, said EnterpriseSG.  ,
The largest contributors to the increase in NODX were Hong Kong, Malaysia and the United States, with export to these areas expanding by 73.4 per share,  , 23.6 per cent and , 12.1 per cent both.
On a yr- on- time schedule, full business expanded by 14.2 per cent in May, following the growth of 15.6 per cent seen in April.  ,
Both exports and imports rose, by 12.6 per share and 16 per cent respectively.
Next month, EnterpriseSG said that , the growth for Singapore’s key exports in 2024 may come in at the “lower range” of the 4 per cent to 6 per cent forecast after a worse- than- expected second quarter.
NODX decreased by 3.4 % in the first quarter of this year from a high base a year earlier, largely due to a decline in non-electronics, the company reported on May 23.
On the same day,  , the Ministry of Trade and Industry said that , Singapore was maintaining its gross domestic product growth forecast for the year at a range of 1 per cent to 3 per cent , as its economy grew by 2.7 per cent , year- on- year in the first quarter of 2024.