RTTNews - Singapore's non-oil domestic exports or NODX dropped 19% year-on-year in April, after falling 17% in March, a report from the International Enterprise Singapore said Monday. Economists expected a decline of 18.9%.
Electronic NODX slipped 26% annually in April, at the same pace as in March. Non-electronic NODX decreased 15%, faster than the 12% fall recorded in the preceding month.
Among the trading partners, the statistical office said NODX declined the most to the EU and the U.S and Indonesia. Non-oil domestic exports to the EU dipped 31% in April compared to a 24% drop in March, while the NODX to the U.S decreased 35%, after falling 31% in the preceding month. Further, the NODX declined 33% to Indonesia, 34% to Japan, 15% to China, 23% to Malaysia, and 8.4% to Hong Kong.
Month-on-month, the NODX was down a seasonally adjusted 1.3% in April, following a 10% rise in March.
Meanwhile, oil domestic exports shrunk 49% annually in April, faster than a 43% drop in March. On a monthly basis, oil domestic exports declined a seasonally adjusted 9.1% compared to a 0.3% rise in March.
At the same time, non-oil re-exports or NORX fell 21% year-on-year in April compared to a 15% rise in March. Compared to the previous month, the NORX contracted by 3.3%, on a seasonally adjusted basis, following a 3.4% rise in the preceding month.
In April, total trade slipped an adjusted 0.6% on a monthly basis compared to a 0.3% increase in March. Exports fell 2.1%, reversing the 5% rise in the previous month, however, imports rose 1.1% compared to a 4.7% fall in March. Year-on-year, total trade declined 28%, reflecting a 26% drop in exports and a 31% fall in imports.
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