Singapore: Exports record exceptional rebound in March
April 17, 2015
In March, non-oil domestic exports (NODX) increased an impressive 18.5% over the same month of last year, rebounding from the 9.7% contraction tallied in February. The print came in well above the 0.7% decrease that the markets had expected and marked the highest reading in over three years.
March’s strong expansion reflected large improvements in the markets in the European Union, Malaysia and the United States. According to International Enterprise (IE) Singapore, the result reflected strong expansions in both electronic and non-electronic exports. Electronic exports grew by 10.4% in March, contrasting the 12.5% fall registered in the previous month. Meanwhile, exports of non-electronic products swung from an 8.5% decline in February to a 21.6% expansion in March.
On a month-on-month seasonally-adjusted basis, exports expanded 23.0% in March, which largely contrasted the 9.4% contraction seen in February.
Author: Eric Denis , Economist