Singapore's Non-oil Exports Rose 7.7 percent in August From a Year Earlier

Non-oil domestic exports rose 7.7 per cent in August from a year earlier, beating market expectations for the third month in a row, according to figures released by Singapore's Enterprise Development Board.

On a seasonally adjusted basis, non-oil domestic exports rose 10.5 per cent in August from the previous month to S $156bn, the second consecutive month-on-month increase and the biggest month-on-month increase since April 2013. Electronics exports grew 5.7 per cent year on year, while non-electronics exports grew 8.3 per cent. The electronics export growth was mainly driven by increased exports of integrated circuits, disk media and personal computers. Non-electronics exports were mainly driven by growth in non-monetary gold, special machinery and food exports.

While non-oil exports continued to grow in August, Singapore's overall imports and exports continued to decline in August as oil imports and exports remained weak.

According to the data, China, the European Union and the United States are the top three non-oil export markets in Singapore. China was the biggest contributor, growing 24.5 per cent year on year, reversing a 5.4 per cent fall in July. The European Union was second, up 30.2 percent. The US was third, up 14.1 per cent.

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