Singapore's export growth slows moderately

Singapore, Aug 17 (IANS) Singapore's non-oil domestic exports (NODX) grew by 5.8 percent year on year in July, following the 6.6 percent increase in the previous month, trade promotion agency International Enterprise Singapore said Friday.

The electronic exports increased by 2 percent, largely due to the rise in exports of telecommunications equipment, integrated circuits and parts of integrated circuits. The non-electronic domestic exports grew by 7.9 percent, thanks to strong growths in exports of specialized machinery, petrochemicals and printed matter, reported Xinhua.

The NODX exports to the US fell by 15.6 percent, while exports to the European Union and Japan fell by 1.5 percent and 7 percent, respectively.

The NODX exports to China expanded by 8.3 percent, compared with a contraction of 3.4 percent in June.

On a month-on-month basis, the NODX fell by 3.6 percent in the month, compared with the expansion of 6.7 percent in June, largely due to the decline in non-electronic NODX outweighing growth in electronic NODX.

Total exports grew by a marginal 0.3 percent in July, compared to a 0.5 percent decline in the previous month. Total trade grew by 2.9 percent in July year on year, following an increase of 2.7 percent in June.