Singapore Exports Drop in March From a Year Earlier


In March of 2013, seasonally adjusted non-oil domestic exports increased 8 percent on a month-on-month basis, as a result of higher non-electronic exports. On a year-on-year basis, total exports fell by 7.6 percent, with electronic exports dropping by 17.9 percent.

On a y-o-y basis, total trade contracted by 10.4 per cent in March 2013, following the 17.3 per cent decrease in the previous month. Total exports declined by 7.6 per cent in March 2013, after the 19.6 per cent contraction in the previous month. Total imports decreased by 13.4 per cent in March 2013, following the 14.7 per cent decline in the preceding month.

On a m-o-m seasonally adjusted basis, total trade contracted by 4.1 per cent in March 2013, compared to the 1.0 per cent rise in the previous month. On a seasonally adjusted basis, the level of total trade reached S$77.0 billion in March 2013, lower than the previous month’s achievement of S$80.2 billion. Total exports declined by 3.2 per cent in March 2013, in contrast to the 4.9 per cent increment in the previous month. Total imports declined by 5.0 per cent in March 2013, following the 3.0 per cent contraction in the previous month 
 
On a y-o-y basis, non-oil domestic exports (NODX) declined by 4.8 per cent in March 2013, following the 30.6 per cent contraction in the previous month, due to a decrease in electronic NODX which outweighed the expansion in non-electronic NODX.
 
On a month-on-month seasonally adjusted (m-o-m SA) basis, NODX increased by 8.0 per cent in March 2013, compared to the previous month’s 2.5 per cent decline, due to an expansion in non-electronic NODX which outweighed the contraction in electronic NODX. On a SA basis, the level of NODX reached S$14.3 billion in March 2013, higher than the S$13.2 billion registered in the previous month.
 
On a y-o-y basis, electronic NODX decreased by 17.9 per cent in March 2013, after the 27.4 per cent decline in the previous month. The contraction in electronic domestic exports was largely due to ICs (-17.0 per cent), disk media products (-36.7 per cent) and parts of PCs (-19.3  per cent).
 
On a y-o-y basis, non-electronic NODX expanded by 2.3 per cent in March 2013, compared to the 32.1 per cent decline in the previous month. The rise in non-electronic NODX was led by printed matter (+315.9 per cent), pharmaceuticals (+2.9 per cent) and medical apparatus (+30.0  per cent).
 
On a y-o-y basis, oil domestic exports decreased by 12.4 per cent in March 2013, after the preceding month’s 6.3 per cent contraction. The y-o-y decline of oil domestic exports was mainly due to lower sales to Hong Kong (-19.7 per  cent), Indonesia (-17.3 per cent) and Malaysia (-9.0 per cent). In volume terms, oil domestic exports increased marginally by 0.4 per cent in March 2013, after the marginal 0.2 per cent expansion in the previous month. On a m-o-m SA basis, oil domestic exports contracted by 17.6 per cent in March 2013, in contrast to the 21.2 per cent expansion in the previous month.
 
On a y-o-y basis, NODX to all of the top 10 NODX markets, except Japan and China, decreased in March 2013. The top three contributors to the NODX contraction in March 2013 were the EU 27, Malaysia and the US. NODX to the EU 27 declined by 16.2 per cent in March 2013, following the previous month’s decrease of 52.2 per cent. NODX to emerging markets increased by 16.0 per cent in March 2013, in contrast to the 6.9 per cent contraction in the previous month. The increase in NODX to the emerging markets was due mainly to Latin America, CLMV and Middle East.

Statistics Singapore | Joana Taborda | joana.taborda@tradingeconomics.com
4/17/2013 10:58:39 AM