Singapore’s exports continue to grow in April, but at a slower pace of 6%

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SINGAPORE: Singapore’s domestic non-oil exports (NODX) grew at a slower pace of 6 percent in April, down from the 11.9 percent expansion in March.

The growth was highlighted by non-electronics, which rose 10.9% last month, according to data released by Enterprise Singapore (ESG) on Monday, May 17.

The increase was driven by exports of specialized machinery, which rose 54.3 percent, in line with strong demand for semiconductors, ESG said.

Petrochemicals also rose 63.3% after declining in a global downturn, while primary chemicals rose 104.6% from a weak base a year ago.

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Electronic NODX also rose 10.9%, mainly due to higher shipments of personal computers, diodes and transistors, and integrated circuits.

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On a seasonally adjusted month-over-month basis, NODX fell 8.8 percent after the previous month’s increase of 1.1 percent, as non-electronic and electronic exports fell.

On a seasonally adjusted basis, NODX reached S $ 15.4 billion in April, down from S $ 16.9 billion the month before.

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EXPORTS BY COUNTRY

NODX to major markets as a whole declined in April, mainly due to the United States, European Union and Japan.

Exports to the United States contracted 42.3 percent, following a 19.8 percent drop in the previous month. This was due to the reduction in non-monetary gold shipments, which were down 99.8%, as well as food preparations and products on disk.

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Exports to the European Union fell 30.2 percent on lower shipments of pharmaceuticals, miscellaneous manufactured items and medical devices.

Shipments to Japan fell 33.2 percent after lower exports of pharmaceuticals, specialty machinery and optical products.

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NODX to China, Malaysia, Hong Kong, South Korea, Indonesia, Taiwan and Thailand increased.

Exports to emerging markets also increased by 75%, following the 66.1% growth recorded the previous month.

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OTHER TRADE INDICATORS

Non-oil re-exports increased 34.3 percent from a low base a year ago, increasing for all major markets except Japan. The main contributors were exports to China, Malaysia and Hong Kong.

Total trade increased in April on an annual basis, increasing 26.3% and increasing growth by 19.6% from the previous month. Both imports and exports have increased. This reflects the increase in electronics and petroleum trading, ESG said.

However, total trade contracted 2.6 percent on a seasonally adjusted basis month-over-month to S $ 95.8 billion, down from S $ 98.4 billion for the month. previous.

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