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Singapore Exports Slump Further In April

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Singapore's non-oil domestic exports declined sharply in April, albeit at a slower pace compared to March, driven by a fall in electronic and pharmaceutical shipments, data from Enterprise Singapore showed Friday.

Non-oil domestic exports, or NODX, slid 10 percent annually in April from the high base a year ago, after decreasing 11.8 percent in March. Shipments were forecast to fall moderately by 4.6 percent.

Exports of electronic goods declined 16.3 percent in April, following the 26.7 percent contraction in the previous month. There were double-digit declines in the shipment of integrated circuits, disk media products and parts of ICs.

At the same time, non-electronic NODX decreased by 7.9 percent after the 7.1 percent decline. The fall was led by massive declines in pharmaceuticals, specialized machinery and petrochemicals.

Month-on-month, NODX declined 0.6 percent in April, following the previous month's 14.3 percent contraction, data revealed.

The agency attributed the latest fall in NODX mainly to the lower demand from the EU 28, Japan and China, with decreases of 25.4 percent, 31.1 percent and 5.8 percent, respectively.

Exports to the majority of the top markets dropped in April, except Hong Kong and the US, to which shipments rose by +15.2 percent and +2.2 percent, respectively.

Exports to emerging markets decreased by 13.3 percent in April, following the 22.0 percent fall in the prior month. The decline was mainly due to weaker demand from Latin America, the Caribbean and South Asia.

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