Singapore Trade Balance


Exports decline in March

In March, non-oil domestic exports (NODX) decreased 4.3% over the same month last year. The figure contrasted a robust 30.4% expansion in February (previously reported: +30.5% year-on-year), which was boosted by distortions generated by the Chinese New Year holiday. The reading, however, undershot market expectations, which had NODX expanding 7.1%. According to International Enterprise Singapore (IE), non-electronic exports led the decline by contracting 7.8% over the same month last year, which contrasted the 34% increase recorded in February. The reading mainly reflected a 99% drop in exports of structures of ships and boat. Meanwhile, electronic exports grew 2.8% (February: +23% year-on-year). A month-on-month comparison corroborates the sharp decline suggested by the annual figures, as exports plunged a seasonally adjusted 16.8% in March, which contrasted the 7.2% increase seen in February.


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