Singapore’s non-oil domestic exports continued to grow for an eight straight month in July, rising by 12.7 percent year over year, Enterprise Singapore (ESG), the government agency championing enterprise development, said in its latest export data release on 17 August.
The export growth in July followed the 15.9 percent expansion in June, and both electronics and non-electronics exports out of Singapore increased.
July exports of electronics products rose by 15 percent year over year in July. PCs, ICs, and diodes and transistors exports jumped by 83.2 percent, 11.1 percent, and 29.7 percent, respectively.
In the non-electronics segment, exports increased by 12.1 percent annually in July. The key contributors were specialised machinery exports, which surged by 57 percent, in line with robust global semiconductor demand.
Pharmaceuticals exports soared by 48 percent from a low base a year ago, Enterprise Singapore’s data showed.
Singapore’s total trade grew in July, with both exports and imports rising, by 16.4 percent and 22 percent, respectively.
Singapore’s non-oil domestic exports growth in July was a slight upside surprise for the markets, compared to the consensus estimate for 12 percent annual growth, ING analysts commented. Semiconductors continue to lead the charge with a 4.6 percent monthly rise and 11.1 percent annual growth as the global semiconductor cycle remained in full swing amidst persistent supply shortages.
“Firmer exports together with the reopening of the domestic economy support expectations of an accelerating economic recovery over the rest of the year,” they said.
ING revised its 2021 GDP growth outlook from 4.9 percent to 6.2 percent, putting it within the official forecast range of 6 percent to 7 percent for the year.