Singapore's key non-oil exports fell by less than expected in May as surging electronics shipments prevented a sharp decline.
Exports of goods made in Singapore fell 1.2% in May compared with a year earlier, after falling 0.8% in April, trade promotion agency International Enterprise Singapore said Friday.
The median estimate from five economists polled by The Wall Street Journal was for May exports to contract 5.6% from a year earlier.
Compared with the previous month, exports rose 8.1% in seasonally adjusted terms, after contracting 9.0% on month in April. Economists in the poll had a median projection for a 4.0% expansion in May.
The city-state's shipments to China, its biggest export destination, rose 36.4% in May from a year earlier, compared with a 10.9% on-year gain in the previous month, IE Singapore said.
Exports to the European Union rose 16.2% on year, reversing a 36% fall in April. Exports to the U.S., however, grew a tepid 1.7%. Shipments to the U.S. had declined 9.6% in April.
Electronics exports rose 23.3% compared with the same period a year ago, accelerating from a 4.8% gain in April. Non-electronics shipments fell 9.0%, after a 2.9% fall in the previous month.
In the non-electronics sector, pharmaceutical exports fell 14.2%, after a 39.9% fall in the previous month.
Write to Gaurav Raghuvanshi at email@example.com
(END) Dow Jones Newswires
June 15, 2017 20:46 ET (00:46 GMT)