Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts

[SINGAPORE] The Republic’s key exports expanded by a stronger-than-expected 15.3 per cent year on year in March, data from Enterprise Singapore showed on Friday (Apr 17).

This came on the back of an electronics surge supported by strong artificial intelligence-related demand and a low base a year ago.

March’s expansion extends February’s 4 per cent growth and exceeded the expectations of private-sector economists, who projected an 8.1 per cent year-on-year expansion in a Bloomberg poll.

Electronics exports grew in March, while non-electronics exports fell.

Electronics exports jumped 74 per cent on the year, extending the preceding month’s 43.1 per cent increase. Integrated circuits (113.8 per cent), disk media products (78.3 per cent) and PCs (57.3 per cent) contributed the most to the expansion.

Meanwhile, non-electronics shipments fell 0.6 per cent, easing from February’s bigger 6.9 per cent decrease. Categories that had steep declines were structures of ships and boats (-99.8 per cent), food preparations (-42 per cent) and pharmaceuticals (-18.4 per cent).

Overall, total merchandise trade grew 38.5 per cent year on year last month, up from February’s 13.6 per cent increase. This was as both exports and imports rose.

In March, key exports to all but four of Singapore’s top 10 markets rose.

Non-oil domestic exports (NODX) to Indonesia fell by the largest extent at 56.8 per cent, followed by EU27 at 11.9 per cent. The US and Thailand posted single-digit contractions of 2.7 per cent and 1 per cent, respectively.

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Singapore’s Feb key exports growth slows to 4%; electronics surge eases, non-electronics slide

In contrast, NODX to all other markets posted growth in November. This was led by Hong Kong (99.4 per cent), followed by Taiwan (63.1 per cent) and South Korea (44.1 per cent).