BT Explains: Singapore's non-monetary gold trade

SINGAPORE’S non-oil domestic exports (NODX) stayed positive in March with the help of non-monetary gold shipments, which grew by 86.5 per cent year on year.

The United States was a significant end-market for non-monetary gold for the month, according to data from Enterprise Singapore (ESG) released on Monday (Apr 18).

And “non-monetary gold seems to be keeping headline NODX to China positive, with miscellaneous transactions jumping by nearly 10 times from last year” as well, Maybank economist Lee Ju Ye added.