Exports growth moderates to 9.0% in June

In May, non-oil domestic exports grew by 12%.

Non-oil domestic exports (NODX) grew at a slower pace in June, rising only by 9.0% from 12.0% in May. 

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

Data from Enterprise Singapore showed that electronic exports only rose by 4.1% in June, much lower than the 12.9% growth it clocked in May.

Meanwhile, non-electronic exports went from an 11.7% rise in May to a 10.6% in June.

The largest contributors to exports growth in June were the US (+21.5%), Malaysia (+43.0%) and Indonesia (+21.6%).

Growth also slowed down for oil domestic exports, from an 86.4% uptick in May to a 66.2% increase in June).

On the other hand, non-oi re-exports (NORX) recorded a bigger expansion in June, by 31.4%. In May, it only increased by 19.2%.

Overall, exports expanded by 29.5% in June.

With an expansion in exports, and a 32.5% growth in imports, total trade grew by 31.0% in June.