June 18, 2018 / 12:30 AM / a year ago

Singapore May exports up 15.5 pct y/y on pharma, well above forecasts

SINGAPORE, June 18 (Reuters) - Singapore’s exports rose more than expected for the second straight month in May, thanks to a continued surge in pharmaceutical exports, official data showed on Monday.

Non-oil domestic exports (NODX) rose 15.5 percent in May from a year earlier, data from the trade agency International Enterprise Singapore showed, accelerating from an 11.8 percent surge the month before.

This was significantly better than the 4.7 percent increase predicted by economists in a Reuters poll.

On a seasonally adjusted month-on-month basis, exports expanded 10.3 percent in May after growing 6.5 percent in April.

The poll called for a 1.0 percent expansion from the month before.

Pharmaceutical exports expanded 32.1 percent from the year earlier in May, slowing slightly from a 43.7 percent rise in April.

But electronics shipments declined for the sixth consecutive month in May, contracting 7.8 percent. (Reporting by Fathin Ungku; Editing by Kim Coghill)

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