Singapore's NODX up 5.8% on-year in July

SINGAPORE: Singapore's non-oil domestic exports expanded by 5.8 per cent on-year in July, following a 6.6 per cent rise in the previous month.

Trade agency IE Singapore attributed the increase to the rise in exports of telecommunications equipment, integrated circuits and machineries.

Total trade expanded by 2.9 per cent on-year in July, following a 2.7 per cent increase in the previous month.

Shipments to the US fell 15.6 per cent from a year ago, after dropping 2.2 per cent in June.

Exports to the European Union fell 1.5 per cent on-year in July, compared with a 17.0 per cent on-year rise in June.

However, exports to mainland China grew 8.3 per cent last month after a 3.4 per cent decline the previous month.

Shipments to Hong Kong, Taiwan and South Korea also increased, making them the top three contributors to the export expansion.

However, on a month-on-month basis, exports in July decreased by 3.6 per cent, in contrast to the previous month's 6.7 per cent expansion.