Singapore July exports shrink for fifth straight month

SINGAPORE, Aug 16 — Singapore’s exports in July shrank for the fifth straight month, though the slump was slightly less severe than forecast, official data showed today.

Non-oil domestic exports (NODX) last month fell 11.2 per cent year-on-year as shipments of electronics and pharmaceuticals declined, data from the trade agency Enterprise Singapore showed, compared with a revised 17.4 per cent contraction in June.

A Reuters poll of 11 economists had forecast a 15.2 per cent contraction for July.

On a seasonally adjusted month-on-month basis, exports rose 3.7 per cent in July after shrinking a revised 7.8 per cent in June. The poll had called for a 2.7 per cent rise from the month before. — Reuters