Singapore’s non-oil domestic exports (Nodx) slumped 11.7 per cent last month, after a short-lived rise of 4.8 per cent in February, on the back of the biggest year-on-year drop for electronics exports since 2013.
It was also the biggest year-on-year monthly fall in Nodx since the 12 per cent fall in October 2016. The 11.7 per cent figure was way worse than the 2.2 per cent drop expected by analysts polled by Bloomberg.
Before February, exports had slid year on year for three straight months. March’s dismal showing was led by the 26.7 per cent year-on-year plunge in electronics exports, following the 8.2 per cent drop in the previous month, which means that this sector has contracted for about a year.
Experts say the weak electronics market may be indicative of the region, and are mixed on Singapore’s performance ahead.
SEE