Exports in Singapore
Singapore - Exports
Non-oil exports plunge in March at the sharpest rate in over two years
Non-oil domestic exports (NODX) decreased by 11.7% year-on-year in March, contrasting February’s short-lived 4.8% increase (previously reported: +4.9% year-on-year). March’s fall significantly undershot market analysts’ expectations and meant that NODX in Q1 as a whole contracted at the sharpest rate in three years. On a month-on-month seasonally-adjusted basis, NODX swung to a 14.3% contraction in March from February’s 16.0% climb.
March’s result was underpinned by a 26.7% fall in electronic NODX, compared to the 8.2% drop registered in February. Meanwhile, non-electronic NODX fell 7.0% in March, contrasting February’s 9.4% jump. The reversal in non-electronic NODX was largely driven by a noteworthy contraction in the volatile pharmaceutical sector. In terms of markets, NODX to Japan abated the most, followed by Taiwan and South Korea.
Commenting on March’s print, Nicholas Mapa and Prakash Sakpal, economists at ING, stated:
“Data reinforces a sharp slowdown in GDP growth in 1Q19 revealed by the advance estimate last week. It also validates the MAS’s decision to leave the policy on hold. With the balance of economic risks tilted toward growth, the next move in the MAS policy could be an easing.”
Ebbing global momentum and lingering trade tensions will weigh on exports this year. Met the why particular Consensus Forecast panelists see overall nominal exports expanding 1.2% in 2019 and imports growing 1.8%, with the trade surplus totaling USD 97.0 billion. For 2020, panelists see exports growing 4.6% and imports climbing 5.6%, with the trade surplus reaching USD 97.9 billion.
Singapore - Exports Data
|Exports (USD billion)||448||441||384||363||396|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||2.13||1.39 %||May 13|
|Exchange Rate||1.37||-0.01 %||May 13|
|Stock Market||3,234||0.18 %||May 13|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
May 4, 2019
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) ticked down to 50.3 points in April from 50.8 points in March, marking the weakest reading since November 2016.
April 23, 2019
Consumer prices decreased 0.1% over the previous month in March, contrasting the 0.5% uptick recorded in February.
April 17, 2019
Non-oil domestic exports (NODX) decreased by 11.7% year-on-year in March, contrasting February’s short-lived 4.8% increase (previously reported: +4.9% year-on-year).
April 12, 2019
At its first biannual meeting of 2019 held on 12 April, the Monetary Authority of Singapore (MAS) maintained the undisclosed rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.
April 12, 2019
The economy flagged in the first quarter of the year due to a decline in the manufacturing sector, according to an advanced estimate released by the Ministry of Trade and Industry (MTI) on 12 April.