Singapore Trade

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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.

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 Chart


Singapore Trade March 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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