Singapore: Exports improve in April
May 16, 2014
In April, non-oil domestic exports (NODX) rose 0.9% over the same month last year, which contrasted both the 6.6% fall recorded in March and the 3.3% decline that the markets had expected.
According to International Enterprise (IE) Singapore, the improvement was broad-based. Exports of electronic products contracted 8.7% in April, which was up from the 16.1% decrease observed in March. In addition, non-electronic exports swung from a 2.4% decrease in March to a 5.5% increase in April.
On a monthly basis, exports rose a seasonally-adjusted 9.0%, which contrasted the 8.9% decrease recorded in March and marked the fastest increase since February 2012.
FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% this year, which would bring exports to a total of USD 442 billion. For next year, the panel projects exports to grow 8.2%, for a total of USD 478 billion.
Author: Dirina Mançellari, Senior Economist