Singapore Trade March 2018


Singapore: Exports contract again in March but at a softer pace

April 17, 2018

The important non-oil domestic export (NODX) sector clocked a 2.7% year-on-year contraction in March. While the print reflected a more moderate contraction compared to the prior month’s revised 6.0% yoy drop (previously reported: -5.9% year-on-year), it contrasted market expectations of a slight 0.2% expansion. The decline in exports came on the back of decreased overseas sales of both electronics and non-electronics; however, the decrease in NODX was partly due to a large base effect.

March’s drop came on the back of decreased demand from China, Hong Kong, Thailand and Malaysia offsetting stronger demand from the U.S., Japan and the EU. The downturn was broad-based, with both sub-components recording a drop in export growth: Electronic products exports fell 7.1% on an annual basis, while non-electronic products exports dropped 1.3% yoy. Among electronic products, demand for parts of personal computers, integrated circuits and diodes and transistors fell sharply.

The month-on-month picture revealed that exports decreased 1.8% in seasonally-adjusted terms, a softer downturn than the prior month’s revised 2.7% drop (previously reported: -2.6% month-on-month seasonally-adjusted).

Singapore Exports Forecast

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 5.8% in 2018, which would bring exports to a total of USD 419 billion. For 2019, the panel sees exports growing 6.8% and reaching a total of USD 447 billion.

Author:, Economist

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Singapore Trade Chart

Singapore Trade March 2018

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

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