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.