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.