Singapore skyline

Singapore Trade April 2023

Singapore: Non-oil domestic exports decrease at a sharper rate in April

Non-oil domestic exports (NODX) fell 9.8% over the same month last year in April (March: -8.3% year on year). The decline was driven by lower exports to China, Malaysia and Taiwan. That said, exports to the U.S., the EU and South Korea increased. In seasonally adjusted month-on-month terms, NODX exports rose 2.7% in April, following March’s 18.4% increase.

Looking ahead, slower trade growth and a weaker global economy will continue to weigh on external demand. Moreover, a lackluster rebound of the Chinese economy amid its reopening is unlikely to provide major support to Singapore’s exports, absent renewed interventions from the Chinese government.

On the outlook, analysts at Nomura commented:

“We continue to forecast a slowing of GDP growth […] driven by further weakness in external demand. While our tech analysts do not expect the electronics downcycle to bottom out until H2 2023, our US economics team also expects a recession in the US starting in Q3 […]. In addition, the recovery in China since its reopening appears to be losing momentum and suggests NODX to China will likely remain weak […].”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest