Singapore Trade

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Singapore: Exports growth eases significantly in April

May 19, 2015

In April, non-oil domestic exports (NODX) grew 2.2% over the same month of last year, which was significantly below the exceptional 18.5% increase tallied in March. The print still came in well above the 5.0% decrease that the markets had expected.

April’s deceleration reflected deteriorations in nine of the top ten export markets, with only exports to South Korea growing at a faster pace. According to International Enterprise (IE) Singapore, the slowdown reflected a moderated expansion in non-electronics exports and a decline in electronics exports. Exports of non-electronic products in April eased to 4.7% growth from the 21.6% increase tallied in the previous month. Meanwhile, electronics swung from a 10.4% increase in March to a 3.8% fall in April.

On a month-on-month seasonally-adjusted basis, exports decreased 8.7% in April, which largely contrasted the 23.1% increase seen in March.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% in 2015, which would bring exports to a total of USD 432 billion. For 2016, the panel foresees exports growing 2.1% and thus reaching a total of USD 442 billion by end of the year.


Author:, Economist

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Singapore Trade April 2015

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


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