Singapore’s Non-oil Domestic Exports Up 8.3 Per cent in April
by Jared Heng
Singapore’s non-oil domestic exports (NODX) rose 8.3 per cent year-on-year in April, in contrast to the 4.3-per cent decline in March, trade promotion agency IE Singapore said Thursday.
This was attributed to an increase in both electronic and non-electronic NODX.
On a month-on-month seasonally adjusted basis, NODX increased by 13 per cent in April, compared with the previous month’s 17-per cent contraction.
Last month, electronic NODX grew by 1 per cent from a year ago, following the 2.8-per cent expansion in March.
This was largely due to higher exports of integrated circuits (up 9.1 per cent), telecommunications equipment (up 94 per cent) and disk drives (up 33 per cent).
Non-electronic NODX expanded by 12 per cent in April, compared with the previous month’s 7.8-per cent decline.
The increase was driven by higher exports of pharmaceuticals (up 38 per cent), specialised machinery (up 37 per cent) and petrochemicals (up 15 per cent).
IE Singapore said NODX to all of the top 10 NODX markets, except the US and the EU, increased in April.
The top three contributors to the expansion were Japan, Hong Kong and South Korea.
Total trade rose by 2.8 per cent year-on-year in April, compared with a marginal 0.9-per cent contraction in the previous month.
Total exports grew by 3.8 per cent, following the 2.3-per cent contraction in March.
Last month, total imports increased by 1.7 per cent, compared with the marginal 0.6-per cent rise in the preceding month.
“The austerity measures in Europe and slow US recovery will continue to weigh on demand for Singapore’s exports,” Chow Penn Nee, Economist for UOB Economic-Treasury Research, wrote in a note on Thursday.
However, “we expect non-electronics output such as chemicals and pharmaceuticals to continue to buoy the manufacturing sector,” she said, noting that the growth of NODX in April was largely driven by the strength of non-electronic exports.