In March, following on the momentum from February, Singapore’ exports rose by a surprising 17.6 per cent despite the bleak outlook caused by the COVID-19 pandemic.
According to Enterprise Singapore (ESG) on Friday (17 April), the increase in non-oil domestic exports (NODX) was due to a “low base a year ago”. Last month, NODX sat at 3.1 per cent.
Both exports of electronic and non-electronic goods from the country rose.
NODX saw an increase by 12.8 per cent in March in terms of month-on-month seasonally adjusted basis. This is an improvement from 4.7 per cent fall in February.
Exports of electronic products rose 5.8 per cent in March, picking up from the 2.5 per cent increase in February. ESG reported that the most increases came from disk media products, integrated circuits and parts of integrated circuits, which grew 50.6 per cent, 6.7 per cent and 60.1 per cent each respectively.
Last month’s non-electronic exports grew 20.5 per cent, higher than February’s 3.2 per cent growth. ESG stated that the most increases came from non-monetary gold, specialised machinery and pharmaceuticals at 242.5 per cent, 54.2 per cent and 48.6 per cent each respectively.
ESG also reported that on the whole, non-oil exports in March to the majority of top trading partners, including Japan and the US, rose. However, countries such as China, Malaysia and Indonesia are not included.
There was a large increase in exports to Thailand by 147.2 per cent last month, compared to only 4 per cent increase in February. According to ESG, this increase was fuelled by exports of non-monetary gold, disk media products and food preparations.
As for total trade, it fell by 0.2 per cent in March, whereas there was a 5.7 per cent increase in February.