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, continuing the positive growth trend since December, according to data released by Enterprise Singapore on Monday (May 17).
But April’s export growth was lower than the revised 11.9 per cent expansion recorded in March and below the 11.5 per cent growth forecast by analysts polled by Bloomberg.
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, with primary chemicals, petrochemicals and specialised machinery the biggest drivers.
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, from smaller shipments of non-monetary gold, pharmaceuticals and disk media products. However, Nodx to China, Malaysia, Hong Kong, South Korea and Thailand rose.
Exports to emerging markets saw a 70.5 per cent jump, continuing the encouraging growth from the previous month, due to higher shipments to South Asia and other regions.
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.
However, on a month-on-month seasonally adjusted basis, total trade declined 2.6 per cent in April, reversing the 7.1 per cent rise seen in March, when total trade reached $98.4 billion.
Oil shipments rose 63.8 per cent year on year, from a low base a year ago, on the back of higher exports to the likes of Malaysia, Indonesia and China. But in terms of volume, oil exports contracted 20.6 per cent in April, following the 23.5 per cent decline seen in March.