Residents gathering near a Singapore national flag outside City Hall in Singapore.
Nicky Loh | Bloomberg | Getty Images
Singapore’s non-oil domestic exports fell 15.5% in June from a year earlier, official data showed on Monday, weighed down by declines in both electronic and non-electronic products.
Last month’s fall compared with a Reuters poll forecast of an 15.8% drop, and extended the 14.8% contraction seen in May.
Singapore’s economy narrowly avoided a technical recession as seen in New Zealand and Germany with second quarter preliminary estimates showing 0.3% growth on a quarter-on-quarter basis. The first quarter was a 0.4% quarter-on-quarter contraction.
On a month-on-month seasonally adjusted basis, non-oil domestic exports grew 5.4% in June, following May’s 14.6% decline. That was lower than analysts’ predictions for a 5.9% decline.
Non-domestic oil exports to Singapore’s top 10 markets declined as a whole last month.
Exports to neighboring Malaysia contracted 30.7% year-on-year last month due to lower shipments of integrated circuits, articles of plastic and specialized machinery.
Shipments to Indonesia declined 35.7% after drops in exports of petrochemicals, plastic plates and sheets and primary chemicals. Exports to China grew 3.1% in June after posting a 3.7% growth in May.