Both electronic and non-electronic exports weakened.
Singapore’s non-oil domestic exports (NODX) fell to 11.7% in March to reverse the 4.8% growth in February amidst heavy declines in both electronic and non-electronic exports, Enterprise Singapore (ESG) revealed.
On a month-on-month seasonally adjusted (MoM SA) basis, NODX declined by 14.3% in March, after the previous month’s 16% expansion. On a SA basis, the level of NODX reached $13.3b in March 2019, lower than the previous month’s $15.6b.
Meanwhile, electronic NODX slipped 26.7% as integrated circuits (ICs), personal computers (PCs), and disk media products contracted by 22.2%, 46.3% and 40.3% respectively, contributing the most to the decline in electronic NODX.
Non-electronic NODX fell by 7%. Pharmaceuticals (-36.5%), specialised machinery (-24.4%) and petrochemicals (-15.1%) contributed the most to the decline
NODX to the majority of the top markets decreased, except the US. The largest contributors to the NODX decline were Japan (-36.6%), Taiwan (-27.4%) and Hong Kong (-22.4%). NODX to emerging markets contracted by 21.9% mainly due to Latin America (-52.6%), the Caribbean (-72.9%) and CLMV (-17.0%).
Oil domestic exports dipped by 5.9% in March 2019, following the 10.6% decrease in the preceding month. Lower sales to Malaysia (-14.5%), Vietnam (-46.8%) and China (-10.3%) contributed the most to the decrease of oil domestic exports.
On the other hand, non-oil re-exports (NORX) rose by 5.9% in March 2019, following the 7.2% increase in February 2019, due to the growth in non-electronic re-exports which outweighed the decline in electronics.
Non-oil retained imports of intermediate goods (NORI) dipped by $0.3b to $5.5b in March 2019.
Singapore’s total trade also dipped 0.9% after the 3.3% growth in the previous month. Total imports grew by 1.5% whilst total exports declined by 3%.
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