Singapore’s non-oil domestic exports (NODX) rose 3.2% in May, accelerating from a downwardly revised 1.7% gain in April, as electronics and pharmaceuticals shipments increased, trade agency International Enterprise Singapore said on Monday.
But on a seasonally adjusted month-on-month basis, NODX fell 2.1% in May compared to a 6.4% expansion in April.
Electronics exports rose 3.9% in May from a year earlier, accelerating from a 1.0% gain in April, while pharmaceutical shipments edged up 0.3% after April’s 7.1% year-on-year contraction.
The data was put out earlier than normal as Singapore usually reports trade figures around the 17th of the month.
The April year-on-year figure was revised sharply downwards from the previously reported 8.3%, the agency said, “due to amendments made by traders on their import/export declarations submitted earlier”.
Credit Suisse economist Robert Prior-Wandesforde said the month-on-month fall in exports and the downward revision in April numbers suggest Singapore’s second-quarter economic growth numbers are likely to be “very weak”.
Maybank said in a note to clients the May data was broadly in line with expectations that Singapore’s exports will be weak in the first half.
“IE Singapore forecasts NODX to average between 3 and 5% in 2012 with the bulk of the weakness to take place in 1H 2012. We share a similar view,” the Malaysian lender said.
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