Singapore Trade April 2016


Singapore: Exports continue to fall in April

May 17, 2016

In April, non-oil domestic exports (NODX) dropped 7.9% over the same month last year, which followed the revised 15.7% drop tallied in March (previously reported: -15.6% year-on-year). The result was better than the 8.4% decline that the markets had expected.

April’s fall reflected declines in eight of the country’s top ten export markets—all except the EU and Hong Kong. The decrease in NODX to Taiwan, Indonesia and Korea significantly contributed to April’s contraction. The result observed in April reflected contractions in shipments of both electronics and non-electronic products. Exports of electronic products fell 7.4%, which followed the 9.1% contraction tallied in the previous month. Meanwhile, non-electronics exports contracted 8.1%, which represented a less pronounced decline compared with March’s 18.0% fall.

On a month-on-month seasonally-adjusted basis, exports grew 4.5% in April, which followed March’s 0.1% increase.

FocusEconomics Consensus Forecast panelists see overall nominal exports falling 4.1% in 2016, which would bring exports to a total of USD 362 billion. For 2017, the panel foresees exports growing 4.5% and thus reaching a total of USD 378 billion by the end of the year.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade April 2016

Note: Year-on-year and seasonally-adjusted month-on-month variation of non-oil domestic exports in %.
Source: Statistics Singapore (Singstat) and FocusEconomics calculations.

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