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.
Author: Jan Lammersen, Economist