Singapore’s key exports drop 6.4 pct in Q2

SINGAPORE, Aug. 13 (Xinhua) — The non-oil domestic exports (NODX) in Singapore contracted 6.4 percent year-on-year in the second quarter of this year, following the 3.4 percent decrease in the previous quarter, the government agency Enterprise Singapore said Tuesday.
Domestic exports of non-electronic products declined by 9.2 percent year-on-year from April to June due to a significant contraction in the export of pharmaceuticals and non-monetary gold.
Domestic exports of electronic products grew 3.8 percent in the second quarter, reversing the 1.6 percent decline in the first quarter.
Enterprise Singapore narrowed the NODX growth forecast to 4 to 5 percent this year from the earlier range between 4 and 6 percent due to a weaker-than-expected recovery in the second half.
Singapore’s total merchandise trade grew 10.1 percent year-on-year from April to June, driven by both oil trade and non-oil trade.
Its services trade increased 11.3 percent to 227 billion Singapore dollars (171 billion U.S. dollars) in the second quarter.
Enterprise Singapore estimated a 5 to 6 percent growth for the total merchandise trade. ■