Non-oil domestic exports fall 20.7% YoY in March

The decline in non-electronic NODX contributed largely to the drop. 

Non-oil domestic exports (NODX) contracted by 20.7% YoY and 8.4% MoM in March, extending the decline in February. 

Enterprise Singapore (EnterpriseSG) attributed the contraction to the decline in non-electronics NODX. 

In March, non-electronic NODX declined 23.2% YoY. 

Pharmaceuticals, structures of ships & boats and non-monetary gold, which fell by 70.3%, 99.8% and 49.1%, respectively, contributed the most to the dip in non-electronic NODX.

Electronic NODX likewise dipped, declining by 9.4% YoY. Telecommunications equipment (38.8% YoY), ICs (8.0%), and diodes & transistors (11.0%) dragged electronic NODX in March.

March also saw a contraction in NODX to Singapore’s top markets, with the US (-50.2% YoY), the EU 27 (-45.4% YoY) and Japan (-36.5% YoY) being the largest contributors to the decrease.

Unlike NODX, oil domestic exports and non-oil re-exports (NORX) rose in March, climbing 2.0% YoY and 4.9% YoY, respectively.

With a decline in total exports (-3.4% YoY) and total imports (-0.1 YoY), total trade slipped by 1.8% YoY in March.