Exports growth slows to 6.4% in April
In March, exports rose by 7.7%.
The growth of non-oil domestic exports (NODX) moderated in April to 6.4% from 7.7% in March, data from Enterprise Singapore showed.
On an MoM seasonally adjusted basis, exports also decreased by 3.3%, a bigger decline when compared to March's record of a 2.3% drop.
The lower growth was also seen in non-electronic products which rose by 4.6% in April. In the previous month, it rose by 6.8%.
Amongst the main contributors to the growth in non-electronic exports, structures of ships and boats had the biggest increase, soaring 305.6%, followed by measuring instruments (+18.4%), and specialised machinery (+6.9%).
Unlike non-electronic products, electronic products saw a bigger increase in April (+12.8%)than the previous month (11.5%).
Contributors to the growth of electronic products weer ICs, parts of ICs, and telecommunications which all rose in April by 13.4%, 94.2%, and 25.4% respectively.
In terms of markets, the biggest contributors to the NODX growth in April were Taiwan (29.9%), Malaysia (+20.7%), and the US (+10.0%).
On the other hand, China (10.6%), Hong Kong (12.5%), and South korea8.9% posted declines.
Apart from NODX, oil domestic exports and non-oil re-exports also expanded in April by 67.6% YoY and 14.9% YoY, respectively.
With the increase in total exports (19.5%) and imports (24.4%), total trade has likewise risen by 21.8%.