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Decline in Singapore's Non-Oil Domestic Exports

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Singapore,Non-Oil Domestic Exports,Decline

Singapore's non-oil domestic exports experienced a sharp decline in March, with a 20.7% fall compared to the previous year. The decline was primarily driven by decreases in non-electronics exports, including pharmaceutical exports.

The decline was due to declines in non-electronics exports, including pharmaceutical exports. Electronic exports slipped 9.4%, while non electronic exports tumbled 23.2%.

Singapore's non-oil domestic exports plunged 20.7% in March from a year ago, a sharp decline from the revised 0.2% fall in February. On a month-on-month basis, non-oil domestic exports slid 8.4%, also more than the 4.5% expected in the Reuters forecast.Government business development agency Enterprise Singapore said the slump was due to declines in non-electronics exports, including pharmaceutical exports. Electronic exports slipped 9.4%, while non-electronic exports tumbled 23.2%.

Enterprise Singapore said that on a seasonally adjusted basis, March non-oil domestic exports came in at 13 billion Singapore dollars, lower than February's SG$14.2 billion and 2023's average of $14.5 billion.Singapore's total trade decreased 1.8% year-on-year in March, after the 3.5% increase in the preceding month. Exports declined 3.4%, while imports also fell 0.1%.

Singapore Non-Oil Domestic Exports Decline Electronics Pharmaceuticals

 

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