Singapore exports continue to fall in April, shipments to most top markets decline

20-May-2019 Intellasia | CNA | 6:00 AM Print This Post

Singapore’s non-oil domestic exports (NODX) continued to fall in April, dropping 10 per cent year-on-year according to figures released by trade agency Enterprise Singapore on Friday (May 17).

This continues the downward trend from the previous month, which saw non-oil domestic exports slump to their worst decline in more than two years.

April’s shipments fell more than expected, worse than the 6 per cent decline predicted by economists in a Reuters poll.

Both electronic and non-electronic exports declined, with shipments to most top markets falling.

On a seasonally adjusted month-on-month basis, Singapore’s exports declined by 0.6 per cent in April, following the previous month’s 14.3 per cent contraction.

Electronic exports declined at a slower pace, falling 16.3 per cent year-on-year, on the back of the 26.7 per cent contraction in the previous month.

ICs, disk media products and parts of ICs contracted by 21.2 per cent, 31.3 per cent and 51.7 per cent respectively, contributing the most to the decline in electronic NODX.

Non-electronic exports declined by 7.9 per cent year-on-year in April, after the 7.1 per cent decline in the previous month.

Pharmaceuticals (-46.6 per cent), specialised machinery (-22.7 per cent) and petrochemicals (-13.6 per cent) contributed the most to the decline in non-electronic NODX.

Total trade increased by 3.2 per cent in April on a year-on-year basis, after the 0.9 per cent decline in the previous month.

Overall, exports to the majority of Singapore’s top markets decreased in April, except to Hong Kong and the United States.

The largest contributors to the NODX decrease were the European Union (-25.4 per cent), Japan (-31.1 per cent) and China (-5.8 per cent).


Category: Singapore

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