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Financial News: Singapore Exports Falls In March

Singapore Exports Falls In March

04/17/2019 - 03:47:00 (RTTNews)

(RTTNews) - Singapore exports fell sharply in March after rising in the previous month, figures from Enterprise Singapore showed on Wednesday.

Non-oil domestic exports, or NODX, dropped 11.7 percent year-on-year, after a 4.8 percent rise in February.

Both electronic and non-electronic NODX declined in March.

Electronic NODX plunged 26.7 percent in March, after an 8.2 percent fall in the previous month. Steep falls in demand for ICs PCs and disk media contributed to the decline.

Non-electronic NODX dropped 7.0 percent in March, following a 9.4 percent increase in February. The latest fall was driven by sharp fall in exports pharmaceuticals, specialized machinery and petrochemicals.

Lower demand from Japan, Taiwan and Hong Kong, among the top 10 markets, led the fall in NODX. Exports to majority of the top markets decreased in March, except the US.

On a month-on-month basis, seasonally adjusted NODX fell 14.3 percent in March after a 16.0 percent rise in the previous month.

Total trade declined by 3.4 percent monthly in March, after the 2.6 percent rise in the preceding month. Exports fell 4.9 percent and imports dropped 1.6 percent.

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