Singapore July exports jump 11.8 percent year-on-year, above expectations

SINGAPORE (Reuters) - Singapore's non-oil domestic exports (NODX) rose more than expected in July from a year earlier thanks to a surge in pharmaceutical shipments, official data showed on Friday.

Exports rose 11.8 percent in July year-on-year, data from the trade agency International Enterprise Singapore showed, accelerating from the revised 0.8 percent rise the month before.

This was better than the 6.7 percent increase predicted by economists in a Reuters poll.

On a seasonally adjusted month-on-month basis, exports expanded 4.3 percent in July after declining a revised 11.1 percent in June. The poll called for a 0.2 percent expansion from the month before.

 

The better than expected jump was thanks to a surge in pharmaceutical exports, which rose 109.2 percent in July from a year earlier.

Electronics exports, however, continued their decline, contracting 3.8 percent in July.

(Reporting by Fathin Ungku; Editing by Sam Holmes)