Trade Balance in Singapore
Singapore - Trade Balance
Non-oil exports jump in March on low base effect
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.
Singapore - Trade Balance Data
|Trade Balance (USD billion)||92.5||90.8||97.0||104||97.6|
5 years of economic forecasts for more than 30 economic indicators.
Singapore Trade Balance Chart
Source: Singapore Department of Statistics and FocusEconomics calculations.
|Bond Yield||1.74||1.39 %||Dec 31|
|Exchange Rate||1.34||-0.01 %||Jan 01|
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November 7, 2022
Inflation came in at 7.5% in September, matching August’s figure, which had marked the highest inflation rate since June 2008.
October 20, 2022
Non-oil domestic exports (NODX) rose 3.1% on an annual basis in September, on the heels of August’s 11.4% jump.
October 17, 2022
At its meeting on 14 October, the Monetary Authority of Singapore (MAS) re-centered the policy band of the Singapore dollar’s nominal effective exchange rate (S$NEER) to its prevailing level.
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