Singapore key exports surge 12.4% in April, much more than expected
Non-oil domestic exports surged 12.4 per cent year on year in April, compared to a 5.4 per cent rise in the previous month. ST PHOTO: LIM YAOHUI
Singapore key exports surge 12.4% in April, much more than expected
SINGAPORE - Singapore's key exports grew at a faster pace in April, boosted by stronger shipments of both electronics and non-electronics.
Non-oil domestic exports (Nodx) surged 12.4 per cent year on year in April, compared to a 5.4 per cent rise in the previous month, according to figures released by trade agency Enterprise Singapore (EnterpriseSG) on May 16.
April's increase far outstripped the 4.3 per cent growth forecast by analysts in a Bloomberg poll.
Electronics exports expanded 23.5 per cent year on year, almost double the 12.2 per cent growth in March. Growth was underpinned by personal computers, disk media products and integrated circuits.
Non-electronics exports grew 9.3 per cent in April, higher than the revised 3.7 per cent increase in March.
Non-monetary gold led the charge with an 80.4 per cent expansion, while structures of ships and boats as well as specialised machinery rose by 7.2 per cent.
Nodx to Indonesia, Taiwan and South Korea grew, though shipments to Malaysia and China -Singapore's single largest export market – declined.
The main drag on Nodx was China, which saw a 17 per cent drop in shipments compared to a revised 29.5 per cent plunge in March.
Shipments to the United States grew 1.2 per cent in April, a sharp drop from the revised 6.2 per cent growth in March.
Exports to Indonesia surged 111.2 per cent in April, following a revised 62.9 per cent growth in the preceding month thanks to structures of ships and boats, non-monetary gold and personal computers.
Shipments to Taiwan grew by 47.4 per cent in April, following the 45.7 per cent expansion in the preceding month, due to specialised machinery, integrated chips and measuring instruments.
Nodx to South Korea expanded by 38.1 per cent in April, following the 21.6 per cent growth in March, due to specialised machinery, integrated chips and personal computers.
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