Singapore's June non-oil domestic exports growth slows to 1.1%

18 July 2011 09:23  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore’s non-oil domestic exports inched up by 1.1% year on year in June, a sharp deceleration from a revised 7.6% pace recorded in May as shipments to Europe significantly weakened, official data showed on Monday.

Exports to most of the country's top 10 markets either fell or weakened in June, with the exception of shipments to China, which had a 12.1% increase – nearly double the 6.8% growth posted in May, according to International Enterprise Singapore (IE Singapore).

Shipments to Europe grew by 1.3% in June from a 12.3% growth in May, while exports to the US declined by 6.3% last month from a 5.2% growth in May, the data showed.

Singapore’s exports to Japan fell a steeper 18.2% in June from a 5.6% decline in May, according to the data.

The city-state’s total trade in June was up by 5.0% year on year, with overall exports growing by 6.2% while imports registered a 3.7% increase, IE Singapore said.

On a month-on-month seasonally-adjusted basis, total trade shrank by 3.7% in June to S$81bn ($66.4bn) from a 3.6% expansion recorded in May, with total exports down by 2.3% and imports contracting by 5.1%.

($1 = S$1.22)

By: Pearl Bantillo
+65 6780 4359

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