Singapore: Exports fall again in March
April 17, 2013
In March, non-oil domestic exports (NODX) fell 4.8% over the same month last year. The figure followed a massive 30.6% decline observed in February and was smaller than the 5.4% decline expected by the market. As a result, in the 12 months up to March, exports declined 4.2% over the same period last year (February: -4.1% year-on-year).
The decline reflects a sharp drop in electronic exports, which fell 17.9% in March (February: -27.4% yoy). Non-electronic exports, however, added 2.3% (February: -32.1% yoy), driven by printed matter, pharmaceuticals and medical equipment.
On a monthly basis, exports rose a seasonally adjusted 8.0% (February: -2.5% month-on-month), the fastest growth rate observed in more than three years.
FocusEconomics Consensus Forecast panellists see overall nominal exports expanding 3.6% this year, which would bring them to a total of USD 443 billion. For next year, the panel projects exports to grow 6.8% to a total of USD 473 billion.