Exports tripled their growth to 12.1% in March

Non-oil domestic exports saw an overall boost from both the electronic and non-electronic sectors.

Non-oil domestic exports (NODX) rose by 12.1% in March year-on-year, almost triple of the 4.2% growth recorded in February, according to latest data from Enterprise Singapore..

This boost came from growth in domestic exports in both the electronics and non-electronics sectors.

Electronic products more than tripled their growth to 24.4% year-on-year in March, compared to the 7.3% recorded in February, which was driven in part from last year's low base. ICs, PCs and diodes and transistors grew by 19.2%, 66.1% and 44.4% respectively, and contributed the most to electronic NODX.

Non-electronic products grew by 9.4% in March compared to the previous year, also almost triple the 3.2% reported in February. Petrochemicals, specialised machinery and pharmaceuticals contributed 51.4%, 35.1% and 25.5% respectively to growth in non-electronic NODX.

Top NODX markets are China, EU, Malaysia, Taiwan, Indonesia, South Korea, Hong Kong, Japan, the US and Thailand.

NODX to China and Malaysia expanded by 46.4% and 47.0% respectively. NODX to the EU made a turnaround from February's -34.7% to 31.6% in March. NODX to Hong Kong, Japan, the US and Thailand, however, contracted in March.

The non-oil retained imports of intermediate goods (NORI) declined to $5.7 b in March, $1 b less than February's figures.

Total import and export trade expanded in March by 19.6% year-on-year, a reversal of February's 3.3% decline.

Total exports rose by 21% while total imports grew by 17.9% in March.