This is a rebound from last month’s contraction of 1.8%.
Here’s more from DBS:
Outlook has not changed significantly even with this so called “rebound”. Export sales were down by 1.8% YoY and 3.6% MoM sa in April on the back of the calamity in Japan causing electronics supply chain disruption. Expectation is for sales to remain fairly flat on a sequential basis compared to the previous month. Nonetheless, we believe this drag from Japan is likely to be transient and an improvement can be expected from July onwards when reconstruction work begins.
Separately, the high oil prices have taken a toll on global economic activity and consequently impacting Singapore’s export performance. Note that oil prices was above USD120/bbl for most part of April. That said, being a regional petrochemical refinery centre, Singapore exports quite a fair bit of petroleum products. High oil
Going forward, while monetary tightening across Asia is gradually cooling regional consumer demand, the good news is that regional economic fundamentals have remained strong. Moreover, some regional central banks have intentionally stayed behind the curve in their monetary policies, preferring to sustain the current growth
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