Singapore
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Singapore key exports extend slump with 9.8% fall in April

Singapore’s key exports posted seven consecutive months of year-on-year contraction in April. ST PHOTO: LIM YAOHUI

SINGAPORE - Singapore’s key exports posted seven consecutive months of year-on-year contraction last month, with some economists expecting a few more months of declines before any improvements in the second-half of 2023.

Non-oil domestic exports (Nodx) fell 9.8 per cent year on year in April, following a 8.3 per cent decline in March, data from Enterprise Singapore (EnterpriseSG) showed on Wednesday.

This was slightly worse than the 9.4 per cent contraction forecast by economists in a Reuters poll and the 9.6 per cent drop in a Bloomberg poll.

April’s slump was led by a 22.3 per cent year-on-year slide in electronic shipments, which came after a 22.3 per cent tumble in the previous month. Integrated circuits, PCs and disk media products contracted by 21.1 per cent, 50.3 per cent and 41.6 per cent respectively, contributing the most to the decline.

Non-electronic Nodx declined by 5.8 per cent, following a 4.7 per cent drop in February. Petrochemicals (-32.8 per cent), primary chemicals (-57.7 per cent) and food preparations (-27 per cent) were the worst performers.

On a seasonally adjusted month-on-month basis, Nodx rose 2.7 per cent. This was after a 18.4 per cent jump in March, the sharpest monthly rise since January 2003.

Compared to April 2022, total trade declined by 18.8 per cent this April.