May NODX Bounced On Gold Exports; E&E Shipments Improving

Economic Research	20 June 2016
Singapore
Economic Highlights
May NODX Bounced On Gold Exports; E&E Shipments Improving Singapore’s non-oil domestic exports (NODX) surged 10.8% y-o-y in May, rebounding from a 7.5% fall the month before. The bounce in growth marked its first positive reading in seven months and was driven largely by an outsized bump in shipments of miscellaneous manufactured articles, led by increased demand for prefabricated buildings and non-monetary gold. On top of that, food exporters had a good month, while electronic and electricals (E&E) shipments declined at a slower pace than the previous month, continuing its improving trend. Meanwhile, imports dropped by 0.9% y-o-y in May, convalescing from a 12.0% slump the month before. As a result, total trade balance shrank to SGD5.6bn, down from SGD6.2bn in April. Economist:  Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 01 June 2016: Slow-Rising M3 Points To Positive But Subdued GDP Growth 27 May 2016: Sturdy Semiconductor Demand Underpin Industrial Production Gains 26 May 2016: Singapore’s 1Q GDP Revised Marginally Higher 24 May 2016: April CPI Improves On Temporary Factors 18 May 2016: April NODX Improved But Road Back To Growth Continues To Be Bumpy 03 May 2016: Public Demand Drove Small Pick-up In M3 As Loan Growth Worsens