Non-oil domestic exports fall 8.3% YoY in March

A 14.1% drop in exports to China drove the overall decline.

Non-oil domestic exports (NODX) declined further in March, falling 8.3%.

Based on Enterprise Singapore's report, the decline in exports to several of Singapore’s top markets including China, Taiwan and Malaysia drove the overall drop in NODX.

Exports to the three markets fell by 14.1%, 30.4%, and 23.1%, respectively.

Enterprise Singapore also attributed the overall drop to decreases in electronic (-22.3% YoY) and non-electronic product exports (-4.7%% YoY).

 ICs, disk media products and parts of PCs which contracted by 28.6%, 41.5% and 36.0%, respectively, contributed the most to the decrease in electronic exports.

Meanwhile, the decline in non-electronic NODX was due to the contraction in non-monetary gold (-39.1%), petrochemicals (-23.1%) and food preparations (-24.2%).

Oil-domestic exports and non-oil re-exports (NORX) likewise declined in February, falling by 3.5% and 6.1%, respectively. 

With a decline in total exports (-6.5%) and imports (-10.9%), total trade decreased by 8.6% in March.