Singapore's exports unexpectedly drop 6.6% in May

Nearly every category of exports shrank last month from the previous year, except for disk media products and petrochemicals, which together made up about a seventh of May's exports, data from IE Singapore showed. -- ST FILE
Nearly every category of exports shrank last month from the previous year, except for disk media products and petrochemicals, which together made up about a seventh of May's exports, data from IE Singapore showed. -- ST FILE

SINGAPORE - Exports from Singapore sank back into negative territory last month, disappointing economists' expectations.

Singapore's non-oil domestic exports fell 6.6 per cent in May from a year earlier, after rising 0.9 per cent in April, trade agency IE Singapore said on Tuesday. Exports had also fallen 6.6 per cent in March.

Compared with April, non-oil domestic exports contracted 7.5 per cent in May, IE Singapore added.

Economists polled by news agency Reuters had forecast exports in May to rise 0.9 per cent rise from a year ago and 0.5 per cent from April.

Nearly every category of exports shrank last month from the previous year, except for disk media products and petrochemicals, which together made up about a seventh of May's exports, data from IE Singapore showed.

Shipments of electronic products declined 15.3 per cent, dragged down especially by integrated circuits, personal computer parts and consumer electronics.

Non-electronic exports slipped 2.4 per cent, led by a 26.3 per cent dip in pharmaceuticals, a 13.1 per cent fall in specialised machinery and a 30.2 per cent decline in aircraft parts.

IE Singapore also said exports fell in May to all of Singapore's top 10 markets except China, Malaysia and Indonesia.