Singapore Non-Oil Domestic Exports Unexpectedly Fall 3.5%

(RTTNews) - Singapore's non-oil domestic exports declined unexpectedly in May after rising in the previous three months, data from Enterprise Singapore showed Tuesday.

Non-oil domestic exports fell 3.5 percent year-over-year in May, reversing a 12.4 percent surge in the previous month. Meanwhile, economists were looking for a further strong increase of 8.0 percent.

Exports of electronic products grew 1.7 percent in May from last year, though much slower than the 23.4 percent rise a month ago. On the other hand, shipments of non-electronic products contracted 5.3 percent versus a 9.3 percent expansion a month ago.

Petrochemicals, non-monetary gold, and specialized machinery contracted by 17.8 percent, 25.9 percent, and 11.7 percent, respectively, contributing the most to the decline in non-electronic NODX, the agency said.