Singapore non-oil exports recover
SINGAPORE Enterprise Singapore, a newly established government agency that champions enterprise development, announced yesterday that the countrys non-oil domestic exports (NODX) grew 11.8 per cent year on year in April.
In the previous two months, Singapore witnessed the NODX decline by 6 per cent year on year and 3.2 per cent year on year respectively, after a straight four months of growth. The agency attributes Aprils rebound to the growth in non-electronic exports which outweighed the decrease in electronics.
On a month-on-month seasonally adjusted basis, NODX hiked 6.5 per cent in April to 153 billion Singapore dollars (about US$11.42 billion), following the recalculated 2.2 per cent decline for the previous month, due to the increase in both non-electronic and electronic NODX.
According to the agency, Singapores electronic NODX dropped 6.9 per cent year on year in April, following the revised 7.5 per cent decrease in March. Nonelectronic NODX increased 19.6 per cent year on year, after the revised 1.7 per cent decline in the previous month.
Among the top NODX markets of Singapore, the Chinese mainland, the European Union 28 countries and the United States saw the NODX grow 26.8 per cent, 45.4 per cent and 37.8 per cent year on year, respectively.
Meanwhile, Singapores nonoil re-exports (NORX) grew 8.2 per cent in April, after the 0.4 per cent decline in March, as the growth in non-electronic re-exports outweighed the decline in electronics.
Singapores oil domestic exports grew by 10.3 per cent year on year in April, following the revised 5.6 per cent expansion in the preceding month.
Higher sales to Australia, Malaysia and Indonesia contributed the most to the year-on-year increase. Singapores oil domestic exports to the three markets increased 147 per cent, 40.6 per cent and 34.2 per cent year on year, respectively. XINHUA