(Bloomberg) -- Singapore’s exports declined more than expected in June as electronics shipments remained weak, suggesting challenges ahead for the trade-reliant economy.
Official data Wednesday showed non-oil domestic exports declined 8.7% from a year earlier, steeper than the median expectation for a 1.3% contraction in a Bloomberg survey. That follows a revised 0.7% decrease in May.
On a month-on-month seasonally adjusted basis, the non-oil shipments decreased by 0.4% in June.
Exports, whose value is equal to about one-and-a-half times the size of the island’s economy, have contracted for five of the six months so far this year. Singapore expects gross domestic product to grow 1%-3% this year, with the outlook largely hinged on a recovery in global demand for goods and a tech upcycle.
While electronics shipments declined 9.5% in June after the 19.6% expansion in the previous month, other factors also contributed to the drop. Non-electronics exports fell 8.5% during the month under review, extending a 6.1% contraction in May.
Other key numbers:
- Total trade rose 1.2% in June from a year ago, compared with the 13.9% expansion in the preceding month
- Total exports declined by 1.9%, after the previous month’s 12% growth.
- Total imports rose by 4.7%, extending the previous month’s 16% expansion
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