July 17, 2020 / 12:35 AM / a month ago

Singapore exports surge 16.1% in June, beating forecasts

FILE PHOTO: An aerial view of shipping containers stacked at the port of Singapore February 14, 2012. REUTERS/Edgar Su

SINGAPORE (Reuters) - Singapore’s June non-oil domestic exports (NODX) jumped 16.1% from a year ago, beating forecasts, official data showed on Friday, helped by shipments of pharmaceuticals, specialised machinery and electronics.

That was reversal of a revised 4.6% decline in May, and higher than the 6.2% increase forecast by economists in a Reuters poll. The figure was also boosted by a low base comparison from the year earlier.

On a seasonally adjusted month-on-month basis, exports rose 0.5% in June after a revised 4.6% fall in the previous month, Enterprise Singapore said in a statement.

Economists had forecast a 2.2% contraction.

Shipments of non-monetary gold also bolstered June’s rebound, up 238.0% from a year earlier. The city-state is a big regional player in the gold trade, and exports can be affected by sharp swings in value.

Reporting by Aradhana Aravindan in Singapore; Editing by Shri Navaratnam

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