Singapore exports jump 15.5% in May, well above forecasts

Singapore exports jump 15.5% in May, well above forecasts

A view of the container port in Singapore. (File photo: MPA)
SINGAPORE: Singapore's exports rose more than expected for the second straight month in May, thanks to a continued surge in pharmaceutical exports, official data showed on Monday.Non-oil domestic exports (NODX) rose 15.5 per cent in May from a year earlier, data from the trade agency Enterprise Singapore showed, accelerating from an 11.8 per cent surge the month before.
This was significantly better than the 4.7 per cent increase predicted by economists in a Reuters poll.On a seasonally adjusted month-on-month basis, exports expanded 10.3 per cent in May after growing 6.5 per cent in April.The poll called for a 1 per cent expansion from the month before.Pharmaceutical exports expanded 32.1 per cent from the year earlier in May, slowing slightly from a 43.7 per cent rise in April.
But electronics shipments declined for the sixth consecutive month in May, contracting 7.8 per cent. (Reporting by Fathin Ungku; Editing by Kim Coghill)
Source: Reuters/cy
Source : http://www.channelnewsasia.com/news/singapore/singapore-exports-jump-15-5-in-may-well-above-forecasts-10441888