Business

Singapore non-oil exports grow at faster 7.7% pace in August

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SINGAPORE – Growth in Singapore's non-oil domestic exports (Nodx) picked up last month, with shipments increasing 7.7 per cent year on year, mainly driven by non-electronic goods.

August's Nodx rise beat the 3.3 per cent increase forecast by analysts polled by Bloomberg.

Shipments of non-monetary gold, specialised machinery and food preparations led gains, followed by electronic exports, Enterprise Singapore (ESG) said on Thursday (Sept 17).

Seasonally adjusted, Nodx in August rose 15.6 per cent over the month, higher than the 14.1 per cent increase in July.

The year-on-year increase in July Nodx was revised down to 5.9 per cent, from 6 per cent. Exports rose 13.9 per cent in June after falling 4.6 per cent in May.

Nodx has now increased in six out of the seven months of this year, compared to only one month of gain last year.

Non-electronic Nodx rose by 8.3 per cent year on year in August, following the 6.9 per cent growth in the previous month. Non-monetary gold (+55.1 per cent), specialised machinery (+25.7 per cent) and food preparations (+18.9 per cent) contributed the most to the growth in non-electronic Nodx.

Electronic products shipments were up 5.7 per cent, following the 2.8 per cent increase in JulRead More – Source