SINGAPORE – Singapore’s July non-oil domestic exports (NODX) rose 6.0 percent from a year earlier, beating forecasts, official data showed on Monday, driven mainly by non-monetary gold, specialized machinery and pharmaceuticals.
That compared with a revised 13.9 percent increase in June, and higher than the 4.3 percent increase forecast by economists in a Reuters poll.
On a seasonally adjusted month-on-month basis, exports rose 1.2 percent in July after a revised 1.4 percent decline in the previous month, Enterprise Singapore said in a statement. Economists had forecast a 0.4 percent rise.
Shipments of non-monetary gold jumped 227.9 percent in July 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.
Pharmaceuticals exports rose 15.5 percent, while electronics increased 2.8 percent.