Singapore exports surpass estimates, advance 16.1% in June

June had seen Singapore’s non-oil domestic products advancing 16.1% from a year earlier. The reading managed to place above estimates backed by strong activity in shipments of pharmaceuticals, specialized machinery, and electronics, official data showed on Friday.

The country’s exports recovered from a revised 4.6% contraction seen in May. The figure placed higher than the 6.2% increase expected by economic analysts in a Reuters survey. In addition to this, the figure was also supported by a low base comparison from a year ago.

On a seasonally adjusted month-on-month basis, exports advanced 0.5% in June. This followed after a revised 4.6% decline monitored in May, Enterprise Singapore said in a statement.

 Moreover, shipments of non-monetary gold supported June’s rebound, recording a total of 238.0% increase from a year earlier.