Singapore’s non-oil domestic exports (NODX) increased by 7.7% in March, down from the 9.5% y-o-y growth reported in February.
During the month, electronics and non-electronics exports grew.
On a m-o-m seasonally adjusted basis, March’s NODX fell by 2.3%, following the 2.9% m-o-m decline in February. Non-electronic domestic exports fell, while electronics grew. In March, the level of NODX reached $17.2 billion, down from February’s $17.6 billion.
In March, electronic NODX rose by 11.5% y-o-y, extending the 11.6% y-o-y growth in the previous month. This was led by the growth in integrated circuits (ICs), disk drives and personal computers (PCs) at 21.0%, 70.4% and 11.9% y-o-y respectively.
Non-electronic NODX grew by 6.8% y-o-y in March from the 8.8% rise in February. The increase was led by growth in non-monetary gold, pharmaceuticals and measuring instruments at 86.5%, 17.9% and 19.5% y-o-y respectively.
NODX to the top 10 markets rose as a whole in March, with the largest contributors being the US, Malaysia and the EU 27 at 68.1%, 29.1% and 16.8% respectively.
See also: How will the Fed rate cuts affect me?
NODX to the US expanded due to growth in non-monetary gold, pharmaceuticals (+237.2%) and specialised machinery (+91.3%), while NODX to Malaysia rose due to ICs (+106.3%), specialised machinery (+87.7%) and measuring instruments (+136.1%). NODX to the EU 27 increased due to pharmaceuticals (+35.1%), structures of ships & boats and measuring instruments (+24.4%).
During the month, NODX to Hong Kong, South Korea and Thailand declined.
NODX to emerging markets fell by 28.9% y-o-y in March, extending the 29.6% y-o-y contraction seen in February. This was mainly due to 36% y-o-y contraction for CLMV or Cambodia, Laos, Myanmar, and Vietnam, the Caribbean (-70.0%) and Latin America (-46.0%).
See also: MAS set to hold monetary policy as inflation persists
In March, non-oil re-exports (NORX) increased by 11.4% y-o-y, extending from the 19.5% y-o-y growth in February. Both electronics and non-electronics rose.
On a m-o-m seasonally adjusted basis, NORX fell by 2.1% in March, reversing from the 2.5% increase in the month before, due to the decline in non-electronic NORX. Electronic NORX grew.
On a seasonally adjusted basis, the level of NORX reached $31.1 billion, down from the $31.7 billion in the month before.
NORX to the top 10 markets as a whole rose in March, with China, the US and Taiwan being the top three contributors to NORX growth at 46.5%, 22.9% and 31.1% respectively.
Oil domestic exports in March rose by 39.2% y-o-y, extending the 62.0% growth in February.
Higher exports to Malaysia (+52.1%), Australia (+88.4%) and Indonesia (+45.1%) contributed to the y-o-y growth of oil domestic exports.
In volume terms, oil domestic exports fell by 19.1% in March, reversing from the 6.4% rise in the month before.
To stay ahead of Singapore and the region’s corporate and economic trends, click here for Latest Section
On a m-o-m seasonally adjusted basis, oil domestic exports grew by 15.4% in March, following the 22.1% expansion in February.
Total trade grew by 17.6% y-o-y in March with total exports increasing by 13.9% and total imports growing by 21.9%.
On a m-o-m seasonally adjusted basis, total trade grew by 4.2% to $113.4 billion, following the 0.9% rise in February.
Total exports increased by 0.4% m-o-m while total imports grew by 8.6%.
