Major exports slump 20.7% in March

Steep contraction: A container vessel is docked at the port in Singapore. Shipments of pharmaceuticals and structures of ships and boats led to the 50.2% decline in exports to the United States in March. — AFP

SINGAPORE: Singapore’s non-oil domestic exports (Nodx) shrank 20.7% in March from a high base a year ago, as both electronic and non-electronic shipments slumped.

The steep contraction followed a revised drop of 0.2% in February and was worse than the 7.4% fall forecast by analysts in a Bloomberg poll.