Singapore's exports grow at slower pace of 2.7% in August

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2021-09-17 10:03:13

Singapore's exports grow at slower pace of 2.7% in August

 

 

Singapore's non-oil domestic exports (NODX) rose at a slower pace of 2.7 per cent in August on the back of growth in electronic exports, while non-electronics declined, according to data released by Enterprise Singapore (ESG) on Friday (Sep 17).

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Although growing for the ninth straight month, the year-on-year August figure marks the smallest expansion since November and misses economists' expectations in a Reuters poll for a 8.3 per cent rise. NODX grew 12.7 per cent in July.

On a month-on-month seasonally adjusted basis, NODX decreased by 3.6 per cent in August, after the previous month’s 0.9 per cent dip. Economists had forecast 2.4 per cent growth.

Electronic shipments expanded 16.7 per cent year-on-year in August, driven by integrated circuits, diodes and transistors, as well as integrated circuit parts.

Shipments of non-electronic products fell 1.4 per cent in August from a year ago, due mainly to declines in non-monetary gold, food preparations and pharmaceuticals.