Singapore's exports performance remains weak

Singapore's non-oil domestic exports (NODX), a key gauge of the free trade hub's export performance, fell 0.7 percent year on year in July, according to official statistics released on Friday. This eased fall was following the 8.9 percent decrease in the previous month, mainly due to a contraction in electronic NODX which outweighed the rise in non-electronic NODX. On a month-on-month seasonally adjusted basis, the NODX declined by 1.1 percent in July, compared to the previous month's 3.3 percent expansion, due to a decrease in both electronic and non-electronic NODX. Eletronic NODX contracted by 7.6 percent year on year in July, after the 12.4 percent decline in June. The NODX in non-electronic products, on the other hand, expanded by 3.0 percent year on year in July, compared with revised decline of 7.2 percent in June. On a year-on-year basis, among the city-state's top ten NODX markets, the United States, China's Hong Kong Special Administrative Region, Chinese mainland as well as Japan saw increases in the non-oil domestic exports in July, ranging from 17. 4 percent to 0.9 percent. However, The top three contributors to the NODX contraction in July were the EU 27, South Korea and Taiwan. Total trade rose by 5.8 percent year on year in July after the 6.2 percent decrease in the previous month. Non-oil re-exports expanded by 8.3 percent year on year in July after the 2.5 percent increase in the preceding month.