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Singapore's exports grow at slower pace of 6.4% in April

Singapore's exports grow at slower pace of 6.4% in April

A container vessel docks at Pasir Panjang port terminal in Singapore on Mar 9, 2022. (Photo: AFP/Roslan Rahman)

SINGAPORE: Singapore's non-oil domestic exports (NODX) grew at a slower pace of 6.4 per cent year-on-year in April, following a 7.7 per cent growth in March. 

Both electronics and non-electronics exports increased, and exports to the top 10 markets as a whole rose in April, mainly due to Taiwan, Malaysia and the US, according to official data released by Enterprise Singapore (ESG) on Tuesday (May 17).

NODX to China, Hong Kong and South Korea declined.

On a month-on-month seasonally adjusted basis, NODX decreased by 3.3 per cent in April, following the previous month's 2.3 per cent decline. Both electronics and non-electronics decreased.

On a seasonally adjusted basis, the level of NODX reached S$16.6 billion in April, lower than the previous month's S$17.2 billion, but higher than levels a year ago.

NODX rose over the year, mainly due to shipments of non-electronics. Electronics also grew.

On a year-on-year basis, electronic NODX rose by 12.8 per cent in April, following the 11.5 per cent growth in the previous month.

Integrated circuits, parts of integrated circuits and telecommunications equipment rose by 13.4 per cent, 94.2 per cent and 25.4 per cent respectively, contributing the most to the growth in electronic NODX.

Non-electronic NODX increased by 4.6 per cent in April 2022 on a year-on-year basis, following the 6.8 per cent rise the previous month.

Specialised machinery, measuring instruments and structures of ships and boats contributed the most to the growth in non-electronic NODX, increasing by 6.9 per cent, 18.4 per cent and 305.6 per cent respectively. 

EXPORTS TO TOP MARKETS

NODX to the top 10 markets as a whole rose in April, with the largest contributors to that growth being Taiwan, Malaysia and the US.

Exports to Taiwan increased by 29.9 per cent in April, after a 0.6 per cent rise in March, due to specialised machinery, parts of integrated circuits and measuring instruments.

Exports to Malaysia rose by 20.7 per cent in April, following the 29.1 per cent growth in the preceding month, due to integrated circuits, electrical circuit apparatus and primary chemicals.

Exports to the US increased by 10 per cent in April, following the 68.1 per cent expansion in the preceding month, due to specialised machinery, miscellaneous manufactured articles and measuring instruments.

Exports to emerging markets declined by 1.5 per cent in April, following the 28.9 per cent fall in March. The decline in exports to emerging markets was mainly due to the Caribbean and the Middle East. 

On a year-on-year basis, total trade grew by 21.8 per cent in April, following the 17.6 per cent increase in March. Total exports grew by 19.5 per cent while total imports expanded by 24.4 per cent. 

Source: CNA/fh(mi)
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