September 17, 2018 / 4:34 AM / a year ago

Singapore August exports growth slows to 5.0 percent, below forecast

An aerial view of shipping containers stacked at the port of Singapore February 14, 2012. REUTERS/Edgar Su/File Photo

SINGAPORE (Reuters) - Singapore’s on-year non-oil domestic exports (NODX) growth slowed sharply in August as sales of pharmaceuticals came off the sizzling pace of the month before, official data showed on Monday.

Exports rose 5.0 percent in August year-on-year, data from the trade agency International Enterprise Singapore showed, slowing from the revised 11.0 percent rise the month before.

This was slightly worse than the 5.3 percent increase predicted by economists in a Reuters poll.

On a seasonally adjusted month-on-month basis, exports expanded 0.4 percent in August after growing a revised 3.6 percent in July.

Pharmaceuticals exports in August grew 33.4 percent from the year earlier, slowing from the 109.2 percent growth seen in July.

Reporting by Fathin Ungku

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