Singapore's exports rise 7.7% in March

SINGAPORE: Singapore's non-oil domestic exports (NODX) rose by 7.7 per cent in March, following a 9.4 per cent growth in February. 

Both electronics and non-electronics exports went up, and exports to the top 10 markets as a whole grew in March, mainly due to the US, Malaysia and the European Union, according to official data released by Enterprise Singapore (ESG) on Monday (Apr 18).

However, exports to Hong Kong, South Korea, Hong Kong and Thailand fell. 

On a month-on-month seasonally adjusted basis, NODX fell 2.3 per cent in March, following the previous month's 2.9 per cent decline. 

Non-electronic domestic exports fell while electronics rose. On a seasonally adjusted basis, the level of NODX reached S$17.2 million in March, lower than the S$17.6 billion recorded in the previous month.

NODX grew over the year, mainly due to non-electronics such as non-monetary gold, pharmaceuticals and measuring instruments, said ESG. 

On a year-on-year basis, electronic NODX grew by 11.5 per cent in March, after the 11.6 per cent rise in February. 

Integrated circuits, disk drives and personal computers contributed the most to the rise in electronic exports, rising by 21 per cent, 70.4 per cent and 11.9 per cent respectively.

Non-electronic NODX grew by 6.8 per cent in March on a year-on-year basis, following an 8.8 per cent rise in the previous month. 

Non-monetary gold, pharmaceuticals, as well as measuring instruments contributed most to the growth, said ESG. Non-monetary gold rose by 86.5 per cent, while pharmaceuticals saw an increase of 17.9 per cent and measuring instruments grew 19.5 per cent. 

EXPORTS TO TOP MARKETS 

"NODX to the top 10 markets as a whole rose in March 2022, though NODX to Hong Kong, South Korea and Thailand declined," said ESG. 

The largest contributors to the growth were the US, Malaysia and the EU. 

Exports to the US rose by 68.1 per cent in March after falling 4.7 per cent in February. The rise was attributed to non-monetary gold, pharmaceuticals and specialised machinery. 

Exports to Malaysia rose by 29.1 per cent in March due to integrated circuits, specialised machinery and measuring instruments. 

Exports to the EU grew by 16.8 per cent in March due to pharmaceuticals, structures of ships and boats and measuring instruments. 

Shipments to emerging markets fell, mainly due to Cambodia, Laos, Myanmar and Vietnam, the Caribbean and Latin America. 

Exports to emerging markets fell again by 28.9 per cent in March. It fell 29.6 per cent in February. 

On a year-on-year basis, total trade rose by 17.6 per cent in March, following the 20.9 per cent rise in the previous month. 

Total exports grew by 13.9 per cent while total imports grew by 21.9 per cent.