Singapore export growth surges in May

Non-oil domestic exports jumped 15.5 per cent over the same month last year, easily trumping economist expectations of a 3 per cent increase, but there are bumps ahead.
Non-oil domestic exports jumped 15.5 per cent over the same month last year, easily trumping economist expectations of a 3 per cent increase, but there are bumps ahead. PHOTO: ST FILE

Pharmaceutical shipments can be highly volatile but they did the trick last month, driving Singapore export growth to a seven-month high.

Non-oil domestic exports jumped 15.5 per cent over the same month last year, easily trumping economist expectations of a 3 per cent increase, but there are bumps ahead.

Chief among them are trade spats in key markets, while slowing electronics demand could play a part.

The Enterprise Singapore data released yesterday certainly shows an economy of two halves.

Electronics shipments declined 7.8 per cent year on year, following a 6.9 per cent decrease in April, while non-electronic exports jumped 26.2 per cent last month after a 19.6 per cent increase in April.

While shipments to the key markets of South Korea, China, Taiwan, Malaysia and Thailand declined year on year, those to the European Union, the US and Japan rose.

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A version of this article appeared in the print edition of The Straits Times on June 19, 2018, with the headline 'Singapore export growth surges in May'. Print Edition | Subscribe