Singapore non-oil exports see slower 6% growth in April

SINGAPORE – Singapore’s non-oil domestic exports (Nodx) expanded at a slower pace in April, with growth supported by non-electronics such as petrochemicals and specialised machinery.

Shipments grew 6 per cent year on year last month, according to data released by Enterprise Singapore on Monday (May 17).

This missed analysts’ forecast for an 11.5 per cent expansion, as polled by Bloomberg, and was lower than the revised 11.9 per cent expansion recorded in March. 

On a month-on-month seasonally adjusted basis, exports declined 8.8 per cent from March.

Key electronics exports rose 10.9 per cent year on year for April, compared with the 24.4 per cent expansion the previous month. This was driven by growth in demand for items such as diodes and transistors.

Meanwhile, non-electronic Nodx grew 4.7 per cent, following the previous month’s 9.2 per cent increase.

Shipments to Singapore’s top 10 markets as a whole declined in April, due to dips in exports to the United States, European Union and Japan, although Nodx to China, Malaysia, Hong Kong, South Korea and Thailand rose.

Total trade surged 26.3 per cent year on year in April to $95.8 billion, continuing the 19.6 per cent expansion recorded in March. Total exports saw a rise of 26.6 per cent, while total imports grew 25.9 per cent.

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