Singapore Non-Oil Exports Fall 2.3% in June

Singapore's non-oil domestic exports (NODX) fell 2.3% year on year in June on stubbornly weak global demand, after a 11.6% jump in May, according to figures released on Monday by International Enterprise (IE) Singapore. 
NODX was predicted to slide 3.0% in June from a year earlier, according to the median forecast in a Reuters survey of 11 economists. 
The surprise jump in overseas shipments in May was fuelled by gold and pharmaceuticals sales, but that was seen as a blip and was not sustained in June when both electronic and non-electronic shipments fell. 
IE Singapore in May cut its forecast for full-year 2016 NODX to between -5.0 and -3.0%, after shipments in the first quarter fell 9% on year in the first quarter of 2016. 
On a month on month, seasonally adjusted (SA) basis, June NODX was down 12.9% compared with a 16.8% jump in May. On a SA basis, the level of shipments fell to S$13.0 billion in June from S$14.9 billion in May. 
NODX to all of the top 10 NODX markets, except Taiwan, the US, Hong Kong, South Korea and Malaysia, decreased in June. The largest contributors to the year on year NODX decline were Singapore’s largest export market, China (-9.9%), Indonesia (-15.9%) and the EU 28 (-5.8%). 
On a year on year basis, electronic NODX contracted by 1.7% in June, following the 6% decline in May. The decrease was largely due to PCs (-29.0%), disk drives (-26.9%) and parts of PCs (-8.5%). 
Non-electronic shipments decreased by 2.5% in contrast to the 19% rise in the previous month. The decline in was led by petrochemicals (-15.6%), primary chemicals (-30.5%) and electrical machinery (-33.0%).