Singapore non-oil exports see slower 6% growth in April


Shipments grew 6% year-on-year (y-o-y) last month, continuing the positive growth trend since December, according to data released by Enterprise Singapore yesterday.

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% year-on-year (y-o-y) last month, continuing the positive growth trend since December, according to data released by Enterprise Singapore yesterday.

But April’s export growth was lower than the revised 11.9% expansion recorded in March and below the 11.5% growth forecast by analysts polled by Bloomberg.On a month-on-month seasonally adjusted basis, exports declined 8.8% from March.

Key electronics exports rose 10.9% y-o-y for April, compared with the 24.4% 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%, following the previous month’s 9.2% 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% jump, continuing the encouraging growth from the previous month, due to higher shipments to South Asia and other regions.

Total trade surged 26.3% y-o-y in April to S$95.8bil (RM295.34bil), continuing the 19.6% expansion recorded in March. Total exports saw a rise of 26.6%, while total imports grew 25.9%.

However, on a month-on-month seasonally adjusted basis, total trade declined 2.6% in April, reversing the 7.1% rise seen in March, when total trade reached S$98.4bil (RM303bil).

Oil shipments rose 63.8% y-o-y, 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% in April, following the 23.5% decline seen in March. ─ The Straits Times/ANN

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