SINGAPORE, Enterprise Singapore, a newly established government agency that champions enterprise development, announced on Tuesday the country's non-oil domestic exports (NODX) declined 2.7 percent year-on-year in March.
It is the successive second month for Singapore to witness NODX decline, after a straight four months of growth. The agency attributes the month's decline to the decline in both non-electronic and electronics exports.
On a month-on-month seasonally adjusted basis, NODX declined by 1.8 percent in March to 14.5 billion Singapore dollars (about 11.07 billion US dollars), following the recalculated 2.7 percent decline for the previous month, due to the decrease in both non-electronic NODX and electronic NODX.
According to the agency, Singapore's electronic NODX dropped 7.1 percent year-on-year in March, after the revised 12.7 percent decrease in February. Non-electronic NODX decreased 1.3 percent year-on-year, after the revised 3.3 percent decline in the previous month.
Among the top NODX markets of Singapore, the United States, Japan and the European Union 28 countries saw the NODX grow 32.6 percent, 21.6 percent and 11.3 percent year-on-year, respectively. Chinese mainland saw Singapore's NODX decline 12.2 percent year-on-year in the month.
Meanwhile, Singapore's non-oil re-exports (NORX) declined slightly by 0.2 percent in March, after an increase of 0.1 percent in February, as the lower shipment of electronic re-exports outweighed the growth in non-electronics.
Singapore's oil domestic exports grew by 5.7 percent year-on-year in March, following the revised 5.1 percent expansion in the preceding month. Higher sales to Malaysia, Indonesia and Liberia contributed the most to the year-on-year increase. Singapore's oil domestic exports to the three markets increased 34.6 percent, 19.2 percent and 36.1 percent year-on-year, respectively.
In volume terms, oil domestic exports decreased by 7.1 percent in March, compared to the revised 1.9 percent decline in February.
The total trade of Singapore decreased 0.6 percent year-on-year in March. Total exports dropped by 0.8 percent year-on-year in the month, and total imports decreased by 0.3 percent year-on-year.
Source: NAM News Network