Singapore Non-Oil Domestic Exports Fell Less Than Expected in April

By Ronnie Harui

SINGAPORE--Singapore's non-oil domestic exports fell in April amid an unclear economic outlook, but came in above expectations and improved from the previous month's decline.

Non-oil domestic exports from the Southeast Asian trading hub dropped 9.3% from a year earlier last month, Enterprise Singapore said Friday. That was better than the median estimate for a 10.0% decrease projected by nine economists surveyed by The Wall Street Journal, and compared with a revised 20.8% slump in March.

The "decline was from a high base a year ago and due to non-electronics--primarily, volatile products like pharmaceuticals," Enterprise Singapore said in a statement. Shipments for electronics returned to growth, it added.

On a month-over-month seasonally adjusted basis, non-oil domestic exports rose 7.6% in April. That compared with the median estimate for a 7.7% increase and with March's revised 8.5% decrease.

Electronics exports rose 3.3% on the year in April, reversing from a revised 9.5% decline the prior month. Non-electronics exports slid 12.3% in April, decelerating from a 23.2% slump in March.

Among the main contributors to April's fall in non-electronics domestic exports were pharmaceuticals, which plunged 73.3%, non-electric engines & motors, which slumped 64.0%, and food preparations, which dropped 12.9%, Enterprise Singapore said.

 
Singapore's Non-Oil Domestic Exports to Top Markets (% Y/Y) 
 
                            March      April 
U.S.                        -50.2       -40.6 
EU 27                       -45.4       -55.1 
South Korea                 -12.6       -23.8 
Taiwan                        2.0        -3.5 
Thailand                    -12.8        -1.8 
Japan                       -36.5         2.7 
Indonesia                   -10.3         5.1 
Hong Kong                    16.5        27.2 
Malaysia                    -11.4        45.6 
China                        12.0        34.5 
 

Write to Ronnie Harui at [e-mail]

(END) Dow Jones Newswires

05-16-24 2044ET