Singapore Trade April 2017


Singapore: Exports fall in April after five consecutive months of growth

May 18, 2017

After five consecutive months of growth, non-oil domestic exports (NODX) decreased by 0.7% from the same month last year in April. The result strongly contrasted March’s 16.5% expansion and surprised analysts on the downside, coming in below market expectations of a 12.4% expansion.

April´s reading resulted from significantly weaker demand from the EU 28, Hong Kong, the U.S. and Japan, which outweighed increased demand from Taiwan, South Korea, China and Malaysia. Looking at the sector by sector picture, exports of non-electronic products decreased by 2.9% in April after a 20.8% expansion in March, driven by lower exports of pharmaceuticals, non-electric engines and motors and non-monetary gold. Meanwhile, exports of electronic goods rose 4.8% in April, building on the 5.2% uptick observed in the previous month.

On a month-on-month seasonally adjusted basis, exports declined 9.0% in April, following March’s 1.1% decrease.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.1% in 2017, which would bring exports to a total of USD 365.4 billion. For 2018, the panel foresees exports growing 2.6% and reaching a total of USD 375.1 billion by the end of the year.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade April 2017

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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