Decline in Singapore's non-oil exports eased in April amid an improvement in overseas demand for the country's non-electronic products, a report from International Enterprise (IE) Singapore showed Friday.
On a year-on-year basis, non-oil domestic exports fell 1 percent in April following a 4.8 percent fall in the previous month. The rate of decrease was weaker than the 1.9 percent drop expected.
Shipments to China, Taiwan, the US, Thailand and Hong Kong improved last month while exports to other five top markets, including the EU, suffered a set back.
Exports of electronic products contracted 9 percent annually in April after 17.9 percent decline in March. Non-electronic NODX expanded 3.3 percent following a 2.3 percent increase in the previous month.
On a month-on-month basis, NODX grew 1.1 percent in April, but slower than the previous month's 8 percent expansion.
Advance estimates released by the Ministry of Trade and Industry last month revealed that the economy contracted 1.4 percent in the first quarter compared to the preceding three-month period. The manufacturing sector continued to remain a drag on the economy, according to the ministry.
The Monetary Authority of Singapore said in its semi-annual economic review in April that economic activity should gradually pick up over the course of 2013 as the global environment improves. MAS projects GDP growth at around 1-3 percent for the whole of 2013.
Last month, the central bank retained its policy of modest and gradual appreciation of the Singapore Dollar Nominal Effective Exchange Rate, saying the current stance will facilitate restructuring of the economy towards sustainable growth.
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