SINGAPORE, 16 April — Singapore recorded a 12.1% rise in its exports in March compared to last year, and up 4.2% from the growth it recorded in February. This only includes non-oil domestic exports (NODX).
This export growth far exceeded previous forecasts in a Reuters poll, which expected a 1% rise in growth.
Official statistics released by Enterprise Singapore (ESG) on Friday (16 April) show that the growth in March was mainly due to non-electronics, which rose by 9.4% year-on-year.
Petrochemicals led the growth by a 51.4% in March, after declining amid a global downcycle in 2019.
It was followed by machinery with a 35.1%, which was in line with robust global semiconductor demand, said the ESG.
Pharmaceutical exports, which are typically volatile, rose by 25.5% in March, after a decline in February.
In the electronics sector, non-oil domestic exports saw a rise of 24.4% in March from its low point last year, and up from 7.3% recorded in February.
According to ESG, this growth was mainly due to the increase in exports of integrated circuits, amid strong global semiconductor demand and media reports of chip shortages.
On a month-on-month seasonally adjusted basis, Singapore’s NODX rose 1.2% last month to reach S$16.9 billion, higher than February’s S$16.7 billion. Economists had forecast a 1.3% drop.
Shipments By Country
Exports to Singapore’s top markets mostly rose in March, although exports to Thailand, the US, Japan, and Hong Kong declined. The largest contributors to NODX growth were China, the EU, and Malaysia.
Exports to China expanded by 46.4% in March, up from the 17.3% increase in the previous month. This was mainly due to specialised machinery, petrochemicals, and primary chemicals.
Shipments to the EU 27 states grew by 31.6% in March after the previous month’s 34.7% decline. This was driven by shipments in pharmaceuticals, specialised machinery, and telecommunications equipment.
NODX to Malaysia rose by 47% in March, after a 7.8% decrease in the preceding month.
Exports to emerging markets expanded by 67.9% in March, following the 45.6% growth in the previous month.
Total trade rose by 19.6% in March on a year-on-year basis, reversing the 3.3% decline in the preceding month. Total exports rose by 21%, while imports grew by 17.9%.
Source: CNA/Agencies
