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Singapore Trade April 2024

Singapore: Non-oil domestic exports drop in April

Non-oil domestic exports (NODX) declined 9.3% in annual terms in April, on the heels of March’s 20.8% plunge. The downturn stemmed from a high base of comparison and still-weak exports of non-electronics, particularly of volatile products such as pharmaceuticals. Meanwhile, electronics exports returned to growth.

With regards to key markets, NODX shipments to top importers fell overall in April due to falling exports to the EU, South Korea and the U.S., while shipments to China, Hong Kong, Indonesia and Japan grew.

In seasonally-adjusted month-on-month terms, NODX exports increased 7.6% in April, following March’s 8.5% decrease.

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