Singapore Exports Rising

Singapore’s non-oil domestic exports in July likely rose from a year earlier for a third straight month, supported by strength in electronics exports, a Reuters poll showed on Tuesday. Non-oil domestic exports in July were expected to have increased 9.9% on an annual basis, according to the median forecast in the survey of 12 economists. Exports increased 8.2% from a year earlier in June, and edged up by a revised 0.4% in May. On a month-on-month and seasonally adjusted basis, non-oil exports were seen shrinking 0.4% in July, the Reuters poll found, after falling 2.7% in June. The trade data for July is due on Thursday. Singapore and other Asian economies that are highly dependent on trade have gained a big boost this year from an improvement in global demand, particularly for electronics products and components such as semiconductors. Singapore’s trade-reliant economy grew faster than initially estimated in the second quarter, according to data released last week, with a rebound in services suggesting a broader and more balanced recovery after a stumble early in 2017.