Singapore’s non-oil domestic exports sees 2.7% drop in March but pace of decline eases

Both electronic and non-electronic NODX continued to decline but at a slower rate.
The Straits Times

Singapore’s non-oil domestic export (NODX) declined by 2.7% in March, easing from the 6.0% dip in the previous month – its first decline after four months of growth – as both electronics and non-electronics declined at a slower pace.

In a statement on Tuesday (April 17), Enterprise Singapore said that on a month-on-month seasonally adjusted basis, NODX decreased by 1.8% in March from the previous month’s 2.7% decline.

Enterprise Singapore is the government agency which champions enterprise development.

Both electronic and non-electronic NODX continued to decline but at a slower rate, said the statement.

On a year-on-year basis, electronic NODX declined by 7.1% in March easing from the 12.7% decrease in the previous month.

Enterprise Singapore said that the decline in the parts of PCs, diodes and transistors contributed the most to the dip in electronic domestic exports.

Non-electronic NODX decreased by 1.3% in March from the high base a year ago, after the 3.3% decline in the previous month.

Shipments to the majority of the top 10 markets grew in March, except for China, Hong Kong, Thailand and Malaysia.

The largest growth contributors were the United States, Japan and the European Union.