Singapore skyline

Singapore Trade March 2023

Singapore: Non-oil domestic exports drop in March

Non-oil domestic exports (NODX) decreased 8.3% year on year in March, following February’s 15.8% dive. The decline was driven by lower exports to China, Taiwan and Malaysia. That said, exports to the U.S. and South Korea increased. In seasonally adjusted month-on-month terms, NODX exports increased 18.4% in March, compared to February’s 8.2% decrease.

Exports are likely to gain support as China’s economy continues to accelerate. That said, slower global growth, a maturing semiconductor cycle and a stronger base effect will likely continue to cap growth of NODX in the next several months, which bodes poorly for the Q2 GDP outturn.

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