Singapore’s key exports rise 5.4% in March, with growth slowing from previous month

SINGAPORE: Singapore’s non-oil domestic exports (NODX) rose by 5.4 per cent in March, with growth slowing from the 7.6 per cent that was observed in February. 

Both electronics and non-electronics saw a growth in March, according to data released by Enterprise Singapore (EnterpriseSG) on Thursday (Apr 17).

“Non-electronics grew at half the pace in February, while electronics grew from a low base,” said EnterpriseSG in a media release. 

A Reuters poll had forecast growth of 14.1 per cent.

EnterpriseSG added that it “is actively monitoring the evolving tariff situation and will adjust the 2025 NODX forecast as necessary to reflect changing market conditions”.

On a year-on-year basis, electronic product exports rose by 11.9 per cent in March, following a 6.9 per cent increase in February. 

PCs, disk media and integrated circuits contributed the most to the growth in electronic product exports, rising by 121.4 per cent, 35.7 per cent and 6.5 per cent respectively.

Non-electronic product exports increased by 3.8 per cent in March, with growth moderating from the 7.7 per cent seen in the previous month. 

The biggest growth was seen in the structures of ships and boats, non-monetary gold and pharmaceuticals.

EnterpriseSG did not provide the growth rate for the structures of ships and boats sector, as exports in the sector rose from a low base to increase by more than 1,000 per cent.

Growth in non-monetary gold and pharmaceuticals was 64.7 per cent and 24.9 per cent respectively.

NODX to Taiwan, Indonesia and South Korea grew in November by 45.7 per cent, 63 per cent and 21.6 per cent respectively, while NODX to China declined. 

Non-oil re-exports (NORX) grew by 5.5 per cent in March, after an expansion of 12.7 per cent in the previous month. 

Re-exports of electronic products rose 9.2 per cent in March, while non-electronic products saw growth of 1.3 per cent.

NORX to the United States, Taiwan and Hong Kong grew by 92.2 per cent, 77.8 per cent and 13.8 per cent respectively in March. 

Total trade increased by 3.4 per cent year-on-year in March following the 4.6 per cent growth in the previous month. 

Both exports and imports grew – by 2.3 per cent and 4.6 per cent respectively.