By Ronnie Harui
SINGAPORE--Singapore's non-oil domestic exports fell in April amid an unclear economic outlook, but came in above expectations and improved from the previous month's decline.
Non-oil domestic exports from the Southeast Asian trading hub dropped 9.3% from a year earlier last month, Enterprise Singapore said Friday. That was better than the median estimate for a 10.0% decrease projected by nine economists surveyed by The Wall Street Journal, and compared with a revised 20.8% slump in March.
The "decline was from a high base a year ago and due to non-electronics--primarily, volatile products like pharmaceuticals," Enterprise Singapore said in a statement. Shipments for electronics returned to growth, it added.
On a month-over-month seasonally adjusted basis, non-oil domestic exports rose 7.6% in April. That compared with the median estimate for a 7.7% increase and with March's revised 8.5% decrease.
Electronics exports rose 3.3% on the year in April, reversing from a revised 9.5% decline the prior month. Non-electronics exports slid 12.3% in April, decelerating from a 23.2% slump in March.
Among the main contributors to April's fall in non-electronics domestic exports were pharmaceuticals, which plunged 73.3%, non-electric engines & motors, which slumped 64.0%, and food preparations, which dropped 12.9%, Enterprise Singapore said.
Singapore's Non-Oil Domestic Exports to Top Markets (% Y/Y) March April U.S. -50.2 -40.6 EU 27 -45.4 -55.1 South Korea -12.6 -23.8 Taiwan 2.0 -3.5 Thailand -12.8 -1.8 Japan -36.5 2.7 Indonesia -10.3 5.1 Hong Kong 16.5 27.2 Malaysia -11.4 45.6 China 12.0 34.5
Write to Ronnie Harui at ronnie.harui@wsj.com
(END) Dow Jones Newswires
05-16-24 2044ET