Singapore Trade March 2017


Singapore: Exports grow for fifth consecutive month in March

April 17, 2017

In March, non-oil domestic exports (NODX) in Singapore grew a robust 16.5% from the same month last year, recording the fifth consecutive month of expansion but nevertheless losing some steam from February’s 21.1% jump. The result surprised analysts on the upside, beating market expectations of a much lower 3.0% expansion.

March’s reading resulted from expansions in all of the country’s top ten export markets—with China, Taiwan and Hong Kong contributing the most to the increase. It reflected expansions in shipments of both electronic and non-electronic NODX. Exports of electronic products grew 5.2%, which followed the stronger 17.2% increase seen in the previous month. Meanwhile, non-electronic exports jumped 20.8%, slightly below February’s 22.7% expansion.

On a month-on-month seasonally adjusted basis, exports declined 1.1% in March, contrasting February’s 1.1% expansion.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% in 2017, which would bring exports to a total of USD 353 billion. For 2018, the panel foresees exports growing 5.8% and reaching a total of USD 373 billion by the end of the year.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade March 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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