Singapore: Exports contract in March
April 17, 2014
In March, non-oil domestic exports (NODX) fell 6.6% over the same month last year, which contrasted both the 8.9% rise recorded in February and the 0.5% increase that markets had expected. March's drop represents the largest contraction in four months.
According to International Enterprise (IE) Singapore, the deterioration was broad-based. Exports of electronic products contracted 16.1% in March, which was down from the 3.7% decrease observed in February. In addition, non-electronic exports swung from a 15.0% increase in February to a 2.4% fall in March.
On a monthly basis, exports fell a seasonally-adjusted 8.9%, which contrasted the 7.0% increase recorded in February.
FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% this year, which would bring exports to a total of USD 442 billion. For next year, the panel projects exports to grow 8.2%, for a total of USD 478 billion.
Author: Dirina Mançellari, Senior Economist