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Singapore non-oil exports cool in June as electronics lead, non-electronics lag
June non-oil domestic exports rose 20.7% year over year, well below the 30% median forecast, after May’s 38.4% increase.
Singapore’s non-oil domestic exports rose 20.7% in June from a year earlier, according to government data cited by Forexlive, but the figure missed the Reuters poll’s 30% median forecast and marked a sharp slowdown from May’s 38.4% annual increase.
The report points to a cooling in the overall export engine, while electronics shipments continued to surge on AI related demand even as non-electronics exports declined over the same period.
Shipments rose to all of Singapore’s top 10 export markets in June, led by Taiwan and the United States, with electronics exports to Taiwan up 278.2% year over year and shipments to the United States up 228.9%, according to Enterprise Singapore.
Despite the export deceleration, Singapore’s economy was still growing at a 5.7% annual rate in the second quarter, suggesting the slowdown was a moderation from an unsustainable pace rather than an immediate broader downturn, though the size of the miss could influence near-term trade expectations.