Singapore: Non-oil domestic exports rebound in April
May 17, 2012
In April, non-oil domestic exports (NODX) increased 8.3% over the same month last year. The strong reading contrasted the 4.3% decline observed in March and beat market expectations that had exports adding 5.9%. According to International Enterprise Singapore (IE), the recovery was entirely driven by a rebound in non-electronic exports, which expanded 12% (March: -7.8% year-on-year) underpinned by higher exports of pharmaceuticals, specialized machinery and petrochemicals. In contrast, electronic exports grew only 1.0%, which was down from the 2.8% expansion recorded in March. A month-on-month comparison corroborates the vigorous rebound suggested by the annual figures, as exports jumped a seasonally adjusted 13.1% in April, which contrasted a 16.8% contraction in March.