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Improving exports raise hopes of rebound

Singapore's non-oil exports in July lower than expected

Published on Aug 19, 2014 6:41 AM
 
Non-oil domestic exports (Nodx) shrank 3.3 per cent last month compared with the same period a year ago - the third consecutive month of decline - but that was still a smaller contraction than the 4 per cent decline economists had expected. It was also well down on June's 4.6 per cent decrease. PHOTO: ST FILE

Figures out yesterday offer a glimmer of hope that Singapore's lacklustre export performance in recent months is poised for a gradual rebound.

Non-oil domestic exports (Nodx) shrank 3.3 per cent last month compared with the same period a year ago - the third consecutive month of decline - but that was still a smaller contraction than the 4 per cent decline economists had expected. It was also well down on June's 4.6 per cent decrease.

The data suggests that manufacturing demand may be beginning to stabilise after weakness in the second quarter, said Citi economist Kit Wei Zheng, who added that the picture will be clearer when last month's factory output numbers are out next week.

The manufacturing sector, which makes up a fifth of Singapore's economy, grew 1.5 per cent in the April to June period, down from the 9.9 per cent expansion in the first quarter.

 
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