Non-Oil Domestic Exports in Singapore Increase in March to 7.7%
Non-oil domestic exports (NODX) in Singapore rose in March to 7.7%. This was on the heels of its previous 9.4% increase back in February.
The increase was largely thanks to Malaysia, the United States, and the European Union markets. Exports to the top 10 markets experienced a boost in March too. On top of that, the other sector that saw a boost was exports for both non-electronics and electronics.
Some Exports Rise While Others Fall
Everything has its ups and downs, including the export sector. On the other side of the spectrum, Singapore’s exports to Thailand, Hong Kong, and South Korea experienced a dip.
Exports for electronics rose while non-electronic domestic exports took a dive. From a seasonally adjusted standpoint, NODX only achieved S$17.2 million in March. In February, the record was S$17.6 billion.
The NODX growth was largely thanks to pharmaceuticals, non-monetary gold, and measuring instruments. Personal computers, integrated circuits, and disk drives were the other positive contributors to Singapore’s exports.
Exporting to the Top Markets
There are 10 top markets where NODX is concerned. From an export standpoint, these 10 markets experienced a rise in March. The exception to that was Thailand, Hong Kong, and South Korea, which experienced a decline.
The rise of US exports was thanks to specialised machinery, non-monetary gold, and pharmaceuticals. Malaysia’s export rise was largely due to measuring instruments, integrated circuits, and specialised machinery. The EU’s exports came from measuring instruments, pharmaceuticals, and structures of ships.
Latin America, Laos, Vietnam, the Caribbean, Cambodia, and Myanmar were where shipments to emerging markets declined.
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