SINGAPORE - Singapore's non-oil domestic exports (NODX) had their best quarterly performance in three years, rising 4.8 per cent year-on-year in the first three months of 2015, compared to the 0.5 per cent increase in the previous quarter.
This was on the back of higher shipments of both electronic and non-electronic NODX.
Non-oil re-exports jumped 5.2 per cent after a 1.8 per cent increase in the previous quarter, the trade promotion agency International Enterprise Singapore said on Tuesday. But total merchandise trade fell 10.5 per cent in the first quarter, deepening the previous quarter's 4.8 per cent decline.
Total services trade were up 1.2 per cent to hit $90.2 billion, reversing a 0.3 per cent dip in the last quarter of 2014.IE
IE Singapore said it is maintaining its total trade and NODX growth forecasts for 2015 at minus 7.0 to minus 5.0 per cent and 1.0 to 3.0 per cent respectively.
For the first quarter, while NODX to Indonesia, China, Japan and Taiwan declined year-on-year, NODX to all the rest of the top markets increased. The biggest contributors to expansion in the quarter were the European Union, the United States and South Korea.
Specifically, NODX to the EU grew by 22.2 per cent, in contrast to the previous quarter's decline of 2.2 per cent. NODX to the US rose by 10.2 per cent in 1Q 2015, in contrast to the previous quarter's contraction of 6.0 per cent. NODX to South Korea increased by 22.7 per cent, after growing 16.0 per cent in the previous quarter.