Singapore's non-oil exports grow strongly in July

Singapore's exports continue to grow strongly in July. Non-oil domestic exports last month rose 2.6 percent from June after adjusting for seasonal patterns, reversing a 6.9 percent fall the previous month. Compared to July last year, exports were 17.6 percent higher.

Ominously, though, non-oil retained imports of intermediate goods declined by 3.3 percent in July from a monthly earlier after adjusting for seasonal variations. This could be an indication that manufacturing activity may decline in the near future.