The rally follows two consecutive months of decline.
Singapore’s non oil domestic exports (NODX) rebounded 11.8% YoY in April following two consecutive months of decline.
Steady demand for non electronic exports was able to outweigh the decline in electronic shipments, enabling NODX levels to smash analyst estimates of a 7.3% growth.
In a breakdown, non-electronic NODX grew 19.6% YoY led by non-monetary gold, pharmaceuticals and food preparations. However, electronic NODX extended its downturn after dipping 6.9% in April as PC parts, diodes and transistors dragged headline figures.
NODX to Singapore’s top ten markets grew in April led by the EU 28 (45.4%), US (37.8%) and China (26.8%) although shipments to Taiwan, South Korea, Malaysia and Hong Kong fell.
Non-oil re-exports also increased 8.2% YoY in April as non-electronic segment pulled up underperforming electronics shipments. Electronic NORX dipped 1.6% in April due to lower shipments of ICs, disk media products and other computer peripherals which was offset by 19.1% growth in non electronic products.
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