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Export growth moderates to 7.0% in July

In June, non-oil domestic exports grew by 8.5%.

Non-oil domestic exports (NODX) grew at a slower pace in July, rising only by 7.0% from 8.5% in June. 

The slowdown of export growth was on the back of more moderate increases in non-electronic products. 

Data from Enterprise Singapore showed that non-electronic products only rose by 6.1% in July, much lower than the 10.0% growth it clocked in June.

Electronic products, on the other hand, posted higher growth in July of 10.3% from a 4.1% increase in June. 

The largest contributors to NODX growth in July were the EU 27 (+22.9%), Malaysia (+29.9%) and Taiwan (+24.4%).

READ MORE: Exports growth to slow in the second half of 2022: analysts

Meanwhile, growth also slowed down for non-oil re-exports (NORX), from a 31.4% uptick in June to a 25.2% increase in July.

On the other hand, oil domestic exports rose at a faster pace, rising 97.1% in July from a 66.2% uptick in June. 

Overall, exports expanded by 29.1% in July.

With an expansion in exports, and a 33.0% growth in imports, total trade grew by 31.0% in July.

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