Singapore’s NODX, non-oil domestic exports, declining in May. This downturn broke three consecutive months of gains in pharmaceutical export since last quarter which has supported other product export in this challenging economy. The exports down by 4.5% year-on-year in May, worse than the prediction of 0.1% decline in the media poll. As shown by data from Enterprise Singapore trade agency, this condition was a slide from a 9.7% increase at the month before.
On a month-on-month basis, the country’s exports also slowing down by 4.5% in May after slumping 5.1% in April. An 8.5% contraction had also forecasted by economists.
