Singapore Trade March 2016


Singapore: Exports plunge in March

April 18, 2016

In March, non-oil domestic exports (NODX) plunged 15.6% over the same month last year, which contrasted the revised 2.0% increase tallied in February (previously reported: +2.1% year-on-year) and marked the lowest reading since February 2014. The result overshot the 12.3% decline that the markets had expected.

March’s fall reflected declines in eight of the country’s top ten export markets—all except Japan and Hong Kong. The decrease in NODX to China, Indonesia and the EU significantly contributed to March’s contraction. The result observed in March reflected contractions in shipments of both electronics and non-electronic products. Exports of electronic products fell 9.1%, which contrasted the 0.7% expansion tallied in the previous month. Meanwhile, non-electronics exports contracted 18.0%, which contrasted the 2.6% growth recorded in February.

On a month-on-month seasonally-adjusted basis, exports grew 0.2% in March, which contrasted February’s 4.2% decrease.

FocusEconomics Consensus Forecast panelists see overall nominal exports increasing 0.6% in 2016, which would bring exports to a total of USD 379 billion. For 2017, the panel foresees exports growing 4.4% and thus reaching a total of USD 396 billion by the end of the year.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade March 2016

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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