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.
Author: Eric Denis , Economist