SINGAPORE: Singapore’s non-oil domestic exports (NODX) rose 12.4 per cent in April from the same month a year earlier, government data showed on Friday (May 16), well ahead of analyst estimates and a bright spot for an economy heavily exposed to global trade uncertainty.
The rise compared with a Reuters poll forecasting year-on-year growth of 4.3 per cent, and followed a 5.4 per cent rise in March.
Electronics exports grew 23.5 per cent year on year, almost double the 12.2 per cent growth in March. PCs, integrated circuits and disk media contributed the most to the expansion, according to data released by Enterprise Singapore.
Non-electronics exports grew 9.3 per cent in April, higher than the 3.7 per cent increase in March.
Among Singapore’s top 10 markets, NODX expanded to all but two destinations.
Overall shipments to China fell by 17 per cent year-on-year in April compared with a 29.5 per cent drop in March.
NODX to Malaysia fell 1 per cent compared with a 12.4 per cent expansion in March.
Exports to the US showed moderated year-on-year growth of 1.2 per cent from the figure of 6.2 per cent in March, while exports to Indonesia surged 111.2 per cent compared with the figure of 62.9 per cent in March.
Exports to Taiwan, South Korea, Hong Kong, Thailand, Japan also increased in annual terms in April.
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