SINGAPORE: Singapore’s non-oil domestic exports in June were expected to rise from a year earlier, helped by continued strength in electronics shipments and recovering from two consecutive months of contraction, a Reuters poll found on Friday. Non-oil domestic exports in June were expected to have risen 4.1 percent from a year earlier, according to the median forecast in the survey of 10 economists. On a month-on-month and seasonally adjusted basis, non-oil domestic exports in June were seen down 2.1 percent, the poll found.
Exports of electronics have remained solid this year and analysts say, are likely to continue to do so. Singapore narrowly avoided a recession, growing at 0.4 percent in the second quarter from the quarter before, saved by solid global demand for its tech products, data on Friday showed. “Electronics will remain quite strong… apart from the specialty equipment and biomedical, the rest of the industries are not going to contribute much,” said Mizuho Bank economist, Vishnu Varathan. The year-on-year expansion and contraction from the month before were also likely to be caused by base effects, analysts say. In May, exports fell 1.2 percent from a year earlier and rose 8.1 percent from the month before. “We expect Singapore’s non-oil export growth to have bounced back,” Moody’s said in a research note. “May’s decline… was the consequence of anomalies in the data rather than a clear signal of softening demand.”
