| Actual | Previous | Revised | |
| Non-Oil Exports - Y/Y | 24.2% | 20.7% | 20.8% |
| Total Imports - Y/Y | 36.3% | 49.8% | 49.7% |
Highlights
Singapore's non-oil domestic exports rose 24.2 percent on the year in July, picking up from the 20.8 percent increase recorded in June. Imports rose 36.3 percent on the year after increasing 49.7 percent previously.
Stronger headline growth in exports was driven by the United States and China.T his, however, was offset by a sharp fall in exports to the European Union, reflecting the disruption in access to the Straits of Hormuz over July. Growth in headline exports was again supported by very strong AI-driven demand for electronics exports, up 112.0 percent on the year in July after growth of 105.1 percent in June. Non-electronics exports, in contrast, fell 2.3 percent on the year after a previous fall of 2.8 percent.
Definition
Singapore publishes monthly data (both in nominal and real terms) for the current and previous two months, cumulative-to-date data on imports and exports by country of origin and destination, as well as monthly seasonally adjusted trade data. Imports refer to goods brought into Singapore irrespective of whether they are for consumption, for processing, for use in manufacturing, or for subsequent re-shipment to other countries/areas. Exports refer to goods brought out of Singapore. They comprise domestic exports and re-exports. Data are also disseminated on imports broken down by country of origin and domestic exports and re-exports broken down by country of destination.
Description
Changes in the level of imports and exports, along with the difference between the two (the trade balance) are a valuable gauge of economic trends here and abroad. While these trade figures can directly impact all financial markets, they also affect currency values in foreign exchange markets. However, the foreign exchange impact is muted here given that Singapore’s currency is managed by the central bank.
Imports indicate demand for foreign goods and services in the local economy. Exports show the demand for local goods in countries overseas. Movements in the trade balance directly affect GDP growth because of the Singapore’s dependence on trade. Stronger exports are bullish for corporate earnings and the stock market. The bond market is also sensitive to the risk of importing inflation.
This report also gives a breakdown of trade with major countries as well, so it can be instructive for investors who are interested in diversifying globally. For example, a trend of accelerating exports to a particular country might signal economic strength and investment opportunities in that country.