SINGAPORE: Singapore’s non-oil domestic exports (NODX) grew 9.7 per cent year-on-year in April, a drop from the 17.6 per cent growth that was seen in March, according to official data released on Monday (May 18).
This marks a third straight month of expansion, with the latest figure beating expectations. A Reuters poll had predicted a 5 per cent decline.
April’s expansion was largely due to pharmaceuticals, which grew from a low base a year ago, while electronics declined.
On a month-on-month seasonally adjusted basis, NODX fell 5.8 per cent in April, a reverse from the previous month’s 12.8 per cent expansion.
Aside from pharmaceuticals, which saw a jump of 174.3 per cent from a year ago, exports of food preparations and non-monetary gold were also major contributors to the growth in non-electronic NODX.
For electronics, shipments of personal computers fell 44.3 per cent, followed by disk drives at 32.9 per cent and diodes and transistors, which slipped 13.2 per cent.
Total trade decreased over the year in April – a decline of 12.8 per cent, a further drop from the 0.2 per cent fall in March.
Total exports fell 12.7 per cent, similar to the 13 per cent decline in imports.
Shipment to Singapore’s top 10 markets grew in April, though exports to China, Hong Kong, Malaysia, Indonesia and Thailand declined; growth was mainly due to the US, the European Union and Japan.
Published at Mon, 18 May 2020 01:10:38 +0000