SINGAPORE: Non-oil domestic exports (NODX) in Singapore rose 18.5 per cent year-on-year in March, due to an expansion in electronic and non-electronic exports, according to data from International Enterprise (IE) Singapore released on Friday (Apr 17).
The increase in exports came after a 9.7 per cent year-on-year decrease in February, said IE Singapore. The EU 28, the United States and Malaysia were the top contributors to the growth in NODX in March, it added.
Electronic exports grew 10.4 per cent year-on-year in March, largely due to the rise in the export of integrated circuits, PCs and diodes and transistors.
Non-electronic product exports rose 21.6 per cent year-on-year in March, led by a growth in the exports of pharmaceuticals, structures of ships and boats, and non-electric engines and motors.
The 18.5 per cent expansion was the fastest pace in more than three years, and greatly exceeded the consensus forecast of a 1.1 per cent year-on-year decline.
Non-oil re-exports (NORX) in Singapore rose 1.7 per cent year-on-year in March, following a 0.9 per cent expansion in the previous month, due to an increase in non-electronic re-exports which outweighed a decline in electronic NORX.
Electronic NORX decreased 0.9 per cent year-on-year in March due to a decline in re-exports of ICs, parts of ICs and consumer electronics.
However, non-electronic NORX grew 4.4 per cent year-on-year on March due to an expansion in re-exports of electrical machinery, pharmaceuticals and nickel.
UOB said the strong export growth in Singapore for March was in stark contrast to the recent spate of poor export numbers across a number of Asian economies. For instance, China, South Korea, Taiwan and Indonesia all reported declines in exports for the month of March.