Singapore's Key Exports Tumble 20.7% in March, Worse Than Expected

businesstimes04-17

SINGAPORE’S key exports shrank 20.7 per cent year on year in March, dragged down by a decrease in the non-electronics sector, data from Enterprise Singapore (EnterpriseSG) showed on Wednesday (Apr 17)...

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Both electronics and non-electronics exports recorded declines.On a seasonally adjusted monthly basis, non-oil domestic exports (NODX) fell 8.4 per cent in March, extending the previous month’s 4.9 per cent contraction.The steeper-than-expected contraction was exacerbated by a “very unfavourable base effect”, noted Barclays economist Brian Tan.Excluding historically volatile and “lumpy” components – such as non-monetary gold and pharmaceuticals – Tan estimates that core NODX contracted by just 1.4 per cent. This figure is still dragged down by unfavourable base effects, but more moderate than the headline figure, he added.On a seasonally adjusted basis, key exports’ value reached S$13 billion, down from S$14.2 billion the month prior. It is lower than the year-ago level of S$15.7 billion in March 2023, as well as the 2023 average of S$14.5 billion.Electronics exports slipped 9.4 per cent in March, reversing the previous month’s 5.2 per cent growth. Telecommunications equipment (-38.8 per cent), integrated circuits (-8 per cent), as well as diodes and transistors (-11 per cent) contributed most to the decline.Noting that the decline was “not particularly sharp”, Tan said Barclays’ base case remains for the semiconductor upcycle to eventually impart a stronger lift to exports.Non-electronics shipments shrank 23.2 per cent from the year-ago period, extending the 1.7 per cent decline in February. Contributing most to the drop were pharmaceuticals (-70.3 per cent), structures of ships and boats (-99.8 per cent), as well as non-monetary gold (-49.1 per cent).NODX to Singapore’s top markets as a whole contracted in March, led by the United States (-50.2 per cent), the European Union (-45.4 per cent) and Japan (-36.5 per cent).In contrast, exports to top markets such as China (11.9 per cent), Hong Kong (16.5 per cent) and Taiwan (2 per cent) grew. Meanwhile, NODX in all the other top markets tracked – Malaysia, South Korea, Thailand and Indonesia – declined.Overall, total trade fell 1.8 per cent in March, reversing from the 3.5 per cent growth in February. Total exports declined by 3.4 per cent, while total imports decreased by 0.1 per cent. In February, total exports expanded 1.7 per cent, while total imports grew 5.6 per cent.On a seasonally adjusted monthly basis, however, total trade gained 2.2 per cent in March, turning around from February’s 0.5 per cent decline.On a seasonally adjusted basis, the level of total trade reached S$106.9 billion, more than the preceding month’s S$104.5 billion. Total exports rose 0.9 per cent, and imports grew 3.7 per cent.In February, EnterpriseSG upgraded its full-year forecast for NODX, tipping key exports to grow 4 to 6 per cent year on year. The agency projected “modest growth” for the year ahead and a recovery in electronics.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428358833"}