Singapore Trade March 2020


Singapore: Non-oil exports jump in March on low base effect

April 17, 2020

Singapore’s non-oil domestic exports (NODX) jumped 17.6% year-on-year in March, up from the revised 3.1% increase in February (previously reported: +3.0% year-on-year). In month-on-month terms, NODX exports increased 12.8% in March, contrasting the 4.7% drop in February.

The annual rise in exports benefited from a low base and a surge in demand for non-electronic products, owing to a spectacular rise in non-monetary gold shipments and a jump in specialized machinery and pharmaceuticals exports. Moreover, electronic exports also grew, boosted by a strong rise in demand for disk media products and parts of ICs.

In terms of markets, demand from Thailand skyrocketed while demand from the US, Japan and the EU softened. On the other hand, demand from Malaysia, Indonesia and China fell.

Last month, FocusEconomics Consensus Forecast panelists saw overall nominal exports contracting 2.6% and imports falling 2.3% in 2020, with the trade surplus totaling USD 94.5 billion. For 2021, panelists saw exports increasing 5.6% and imports rising 6.5%, with the trade surplus reaching USD 96.9 billion. A new Consensus Forecast will be published on 28 April.

Author:, Economist

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Singapore Trade Chart

Singapore Trade March 20 20

Note: Year-on-year and seasonally-adjusted month-on-month variation of non-oil domestic exports in %.
Source: Statistics Singapore (Singstat) and International Enterprise (IE) Singapore and FocusEconomics calculations.

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