Singapore’s exports in July fell less than expected as shipments to major economies picked up, suggesting the manufacturing sector may have bottomed out on the back of an improving economic outlook in the United States and signs of resilience in China.
Non-oil domestic exports (NODX) eased 3.3 percent in July from a year earlier, trade agency International Enterprise Singapore said on Monday in a statement, beating a forecast of a 3.9 percent slide in a Reuters poll. On a month-on-month seasonally adjusted basis, NODX grew 2.5 percent, above a forecast of a 1.0 percent rise prediction.
‘It is, I suppose in line with the overall trend that we’re seeing…of less bad figures,” said Song Seng Wun, an economist for CIMB. Song added that recent surveys of manufacturing activity have shown improvement, both in Singapore and the region, and globally as well.
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