Chart of the day: Check out the weak spots in Singapore’s June NODX

Declining shipments to China was the primary headache.

Singapore’s non-oil exports crashed back to reality this June after a fleeting high last May, and declining shipments to China, which have dropped by 9.9%, are to blame.

According to a report by Maybank Kim Eng, latest readings were affected by softer trends for products such as electrical machinery (-74.8% YoY), petrochemicals (-13.9% YoY) and primary chemicals (-28.8% YoY).

Meanwhile, the other weak destinations included Indonesia (June 2016: -15.9% YoY; May 2016: -11.1% YoY), EU (June 2016: -5.8% YoY; May 2016: -14.0% YoY), India (June 2016: -11.4% YoY; May 2016: -14.5% YoY), Japan (June 2016: -4.5% YoY; May 2016: -3.5% YoY) and Thailand (June 2016: -1.4% YoY; May 2016: -5.0% YoY), Maybank Kim Eng said.

“However on the flip side was robust shipment growth to Taiwan by +23.0% YoY (May 2016: +11.2% YoY) followed by other bright spots including the US (June 2016: +5.9% YoY; May 2016: +9.1% YoY), Hong Kong (June 2016: +3.3% YoY; May 2016: -11.7% YoY), South Korea (June 2016: +6.2% YoY; May 2016: -21.6% YoY) and Malaysia (June 2016: +2.1% YoY; May 2016: +2.0% YoY),” the report added.