Singapore non-oil domestic exports seen up in May

SINGAPORE: Singapore's non-oil domestic exports in May are forecast to have grown at a faster annual pace than the previous month, a Reuters poll showed in an encouraging sign of improving global demand.

Non-oil domestic exports were seen up 3.1% in May from a year earlier, according to the median forecast in the survey of 11 economists.

In April, non-oil domestic exports unexpectedly rose 2.2% on-year on strong demand from Europe. However, weak sales to the United States and China underscored the uncertainties facing Asia's trade-reliant economies.

Still, signs of tentative improvement in global demand appears to fit in with a pick up in the city state's manufacturing activity. A survey earlier this month showed factory output expanded for the first time in six months in May, fuelled by a pick-up in new orders and production.

On a seasonally adjusted basis, non-oil domestic exports in May were seen falling 5.7% from April, the survey showed.
That was better than a 8.7% monthly contraction in April.

The trade data will be released on Wednesday at 8:30 a.m.- Reuters