Singapore: Non-oil domestic exports wanes in March
Latest reading: Non-oil domestic exports (NODX) growth moderated to a lower-than-expected 5.4% year-on-year in March, following February’s 7.6% rise. In seasonally adjusted month-on-month terms, NODX exports contracted 7.6% in March, following February’s 2.6% increase.
Non-electronic shipments lost some steam while growth in electronics exports improved amid still resilient tech components exports. Looking at key export markets, annual NODX to China remained the main drag, contracting at a stronger rate than in February. Moreover, shipments to the EU and U.S. lost traction.
Panelist insight: Commenting on the outlook, Jester Koh, analyst at United Overseas Bank, stated:
“We lower our 2025 NODX growth forecast. […] With risks tilted to the downside given the latest round of tariff escalations surpassed the previous episode in speed, breadth and intensity, barring any subsequent de-escalations that could arise from the ongoing negotiations ahead of the looming expiry date (9 Jul 2025). […] Pharmaceuticals and semiconductors exports faces additional downside risks should the US eventually follow-through with more sector-specific tariffs.”