SINGAPORE – Singapore’s non-oil domestic exports (Nodx) saw a better-than-expected upswing in March, mainly due to higher demand for chips and non-electronics such as petrochemicals, specialised machinery and pharmaceuticals.
Nodx surged 12.1 per cent last month compared with the same period a year ago, and is higher than the 4.2 per cent rise in February, according to data released by Enterprise Singapore (ESG) on Friday (April 16).
Analysts polled by Bloomberg had forecast a 2.6 per cent growth.
Electronic shipments expanded 24.4 per cent in March from a year ago, compared with the 7.4 per cent year-on-year growth seen in February.
This was from a low base a year ago, but also came on the back of strong demand for the likes of integrated circuits, amid strong global semiconductor demand and media reports of chip shortages, said ESG. Electronic exports a year ago in March 2020 was at the lowest monthly level compared to the average for the whole year.
Meanwhile, non-electronic Nodx grew 9.4 per cent last month, compared with the 3.2 per cent year-on-year increase in February. In particular, petrochemical exports leapt 51.4 per cent, while specialised machinery expanded 35.1 per cent.
Nodx to the top 10 markets as a whole grew in March, though exports to Thailand, the United States, Japan and Hong Kong declined. China, the European Union and Malaysia were the largest contributors to export growth.
At the same time, Nodx to emerging markets rose 67.9 per cent, continuing the encouraging 45.6 per cent growth the month before, due to higher demand from South Asia, Latin America as well as regional countries Cambodia, Laos, Myanmar and Vietnam.
Year on year, total trade expanded 19.6 per cent in March, reversing the 3.3 per cent decline seen in February.
Total exports increased 21 per cent compared with the 2.1 per cent dip in the previous month. Overall imports also grew 17.9 per cent, following February’s 4.6 per cent decrease.
On a month-on-month seasonally adjusted basis, total trade saw an uptick of 7.1 per cent, extending the 6 per cent rise seen in February.
On a seasonally adjusted basis, total trade reached $98.4 billion in March, higher than the $91.8 billion in February.
Total exports grew 8.4 per cent in March, while total imports rose 5.6 per cent.