Singapore's May non-oil exports fall 14.7% y/y, much worse than the -8.1% expected

Data for Singapore's non-oil domestic exports, -14.7% y/y in May

• vs. -8.1% expected, prior was -9.8% in April
• declines in both electronic and non-electronic products

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Singapore Non-oil Domestic Exports (NODX) measures the value of goods exported from Singapore excluding oil and petroleum products.

• an important gauge of Singapore's external trade performance, especially for the manufacturing and export sectors
• covers a wide range of products, including electronics, chemicals, pharmaceuticals, machinery, precision engineering goods, and more
• growth in NODX indicates an increase in exports, which can boost economic activity and contribute to GDP GDP Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Read this Term growth
• a decline in NODX suggests a slowdown in export demand and may signal weaker economic conditions
• factors influencing NODX include include global economic conditions, changes in international demand for Singaporean goods, fluctuations in exchange rates, shifts in global supply chains, and changes in government policies related to trade

Singapore is heavily reliant reliance on international trade. It's a small and open economy where exports play a significant role in driving economic growth and employment.