Singapore non-oil domestic exports stage surprise and strong rebound in March, surging 18.5%

SINGAPORE - Singapore's non-oil domestic exports (NODX) rose by 18.5 per cent in March, rebounding from a 9.7 per cent fall in the previous month, as shipments of both electronic and non-electronic goods surged.

Economists polled by Reuters were expecting NODX to have slid 0.7 per cent in March from a year earlier.

On a year-on-year basis, NODX to all of the top 10 markets, except Indonesia and Japan, rose in March 2015, with the top three contributors to growth being the European Union, the United States and Malaysia, according to statistics released on Friday by International Enterprise (IE) Singapore.

Non-electronic NODX grew by 21.6 per cent in March 2015, in contrast to the 8.5 per cent decline in the previous month, led by pharmaceuticals (+65.9 per cent), structures of ships and boats (+337.6 per cent) and non-electric engines and motors (+433.7 per cent).

Electronic NODX rose by 10.4 per cent, in contrast to the 12.5 per cent decrease in the previous month.

On a year-on-year basis, non-oil domestic re-exports (NORX) grew by 1.7 per cent in March, following the 0.9 per cent increase in February, as growth in non-electronic shipments outweighed the fall in electronic exports.

On a seasonally adjusted basis, non-oil domestic exports in March surged by 23 per cent from February, when they dropped 9.4 per cent from January. Some $15.8 billion worth of goods were shipped in March 2015, higher than the $12.9 billion the previous month.