Singapore's May exports down 0.1% y/y, better than forecast

A container vessel is docked at the port in Singapore. — AFP

SINGAPORE: Singapore's non-oil domestic exports edged down 0.1% in May from the same month a year earlier, data on Tuesday showed, with electronics exports growing for a second straight month, Enterprise Singapore said in a statement.

The almost flat result compared with a Reuters poll forecast of a 1.0% fall, and followed a downwardly revised 9.6% drop in April.

On a month-on-month seasonally adjusted basis, non-oil exports decreased by 0.1% in May after a 7.3% increase in April.

Electronic exports expanded by 21.9% in May, compared to 3.3% in April, posting the first double-digit growth in 22 months, according to Enterprise Singapore.

Non-oil exports to Singapore's top markets as a whole grew in May.

The biggest jump was the 73.4% expansion to Hong Kong due to an increase in exports of integrated circuits, non-monetary gold and personal computers. - Reuters