SINGAPORE: Singapore’s non-oil domestic exports ( NODX ) contracted 20. 7 % from a higher point a year ago, with drops in both technology and non-electronics.
The cut was even worse than the 7. researchers polled by Bloomberg predicted a 4 percent recession, which follows a 0 % contraction. a 2 percent decrease in February and a 16 % increases. 7 per share year-on-year rise in January.
Electronic product exports decreased by 9 based on data released by Enterprise Singapore ( EnterpriseSG) on Wednesday ( Apr 17 ). 4 per share year-on-year in March, following a 5. 2 per cent raise a month earlier.
Telecommunications equipment, integrated circuits ( ICs ), and diodes and transistors contributed the most to the decline, falling by 38. 8 per share, 8 per cent and 11 per cent respectively.
Imports of non-electronics dropped by 23. 2 per share year-on-year in March, extending the 1. 7 per share decline in February.
The biggest drops were in medicine, buildings of ships and boats, and non-monetary metal, which fell by 70. 3 per share, 99. 8 per share and 49. 1 per cent both.
NODX to the major markets as a whole declined in March, although NODX to China, Hong Kong and Taiwan rose, EnterpriseSG said.
The United States, which had a 50, was the biggest contributor to the NODX drop. 2 per cent recession, the European Union with a 45. Japan has a 36 and a 4 percent recession. 5 per share recession.
On a year-on-year basis, complete business declined by 1. 8 per share in March, following the 3. 5 per cent increase in February.
Both exports and imports fell, by 3. 4 per share and 0. 1 per cent both.
Advance quotes from the Ministry of Trade and Industry last month revealed that Singapore’s business increased by 2 %. 7 per cent year-on-year in the first third of 2024.
This was more rapid than the 2. The final third of 2023 saw a 2 percent increase.
On a quarter-on-quarter seasonally adjusted basis, Singapore’s market expanded by 0. 1 per share, extending the 1. 2 % growth in the upcoming third fourth of 2023.
Estimates of the advance gross domestic product are mainly based on data collected during the first two months of the third, in this case, in January and February.