Singapore: Non-oil domestic exports gain steam in April
Latest reading: Non-oil domestic exports (NODX) shot up 12.4% in annual terms in April, following March’s 5.4% increase. The jump marked the fastest rise since July 2024 and exceeded market expectations. Growth in electronics exports and non-electronic shipments soared, boosted by front-loading sales ahead of U.S. tariffs. Looking at key export markets, annual NODX to South Korea and Indonesia expanded at a faster rate, and shipments to China declined at a milder pace. On the flipside, exports to the U.S. lost traction.
In seasonally adjusted month-on-month terms, NODX exports rose 10.4% in April, compared to March’s 7.5% decrease.
Panelist insight: Commenting on the outlook, Jester Koh, analyst at United Overseas Bank, stated:
“The de-escalation in US-China trade tensions (note) which led to the cancellation of US-China tit-for-tat retaliatory tariffs (91%) and a 90-day pause on reciprocal tariffs (24%), with the baseline 10% still in place and other concessions […] opens a window for continued front-loading of export and production activities given the risk may now be asymmetrically skewed towards higher tariffs post the 90-day expiry on reciprocal tariffs especially for the rest of Asia. Notably, the electronics cycle in both South Korea and Taiwan previously thought to have peaked in late 2024 has seen a renewed bout of strength owing to the effects of front-loading.”