Year-on-year, total exports decreased by 5.8 percent to SGD41.01 billion, following a 10.1 percent contraction in the previous month.
Non-oil Domestic Exports (NODX) unexpectedly rose 4.7 percent in June 2015, reversing from a 0.3 percent drop in the previous month, due to an expansion in both electronic and non-electronic NODX. Electronic NODX grew by 7.6 percent, in contrast to a 2.5 percent decline in the previous month, largely due to PCs (+69.6 percent), ICs (+10.8 percent) and telecommunication equipment (+79.3 percent). Non-electronic NODX expanded by 3.6 percent in June, following a 0.6 percent increase in the preceding month, mainly due to electrical machinery (+75.0 percent), printed matter (+35.8 percent) and non-electric engines & motors (+281.8 percent).
NODX to all of the top ten NODX markets increased, except to Indonesia, Malaysia and Taiwan. The top three contributors to the rise were the US (+32.2 percent), China (+12.2 percent) and Thailand (+23.6 percent). Meanwhile NODX to emerging markets contracted by 6.6 percent, mainly to the Carribean (-33.1 percent), Latin America (-10.7 percent) and the Middle East (-9.2 percent).
Oil exports decreased by 25.3 percent, following the preceding month’s 33.3 percent contraction, mainly due to lower sales to Malaysia (-38.5 percent), Australia (-64.4 percent) and Panama (-33.6 percent). In volume terms, oil domestic exports increased by 10.6 percent, compared to a 3.1 percent contraction in the preceding month.
Non-oil re-exports (NORX) increased by 1.9 percent, after the 2.8 percent contraction in the previous month, due to an expansion in both electronic and non-electronic NORX.
NORX to all of the top ten NORX markets increased in June except Malaysia, Hong Kong, Japan, Indonesia and South Korea. The top three contributors to the NORX rise were China (+9.2 percent), Taiwan (+30.7 percent) and the US (+6.4 percent).
Imports decreased by 4.1 percent to SGD36.08 billion in June, following a 19.6 percent drop in the preceding month.
In May, Singapore posted a revised SGD6.57 billion surplus.