SINGAPORE: The country’s non-oil domestic exports declined by 20.7 per cent last month, a steeper fall than analysts had earlier predicted and the biggest decline since January 2023. Non-electronics exports were a large contributor to the decline.
Moreover, economists forecast a 4.5 per cent decline month over month, while the actual fall is 8.4 per cent. Non-electronic exports fell by 23.2 per cent, while electronic exports declined by 9.4 per cent. The fall can be attributed to the 38.8 per cent decline in telecommunications equipment, 11 per cent decline in diodes and transistors, and 8 per cent decline in integrated circuits or semiconductors.
This amount is lower than February’s total of S$14.2 billion, which had come in lower than the 2023 average of S$14.5 billion.
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