{"id":12498,"date":"2023-04-17T01:20:03","date_gmt":"2023-04-17T01:20:03","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/singapore-march-exports-fall\/"},"modified":"2023-04-17T01:21:14","modified_gmt":"2023-04-17T01:21:14","slug":"singapore-march-exports-fall","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/singapore-march-exports-fall\/","title":{"rendered":"Singapore March exports fall 8.3% y\/y, drop less than forecast"},"content":{"rendered":"<p>By Chen Lin<\/p>\n<p>SINGAPORE (Reuters) &#8211;     Singapore&#8217;s March non-oil domestic exports (NODX) shrank 8.3% year-on-year, official data showed on Monday, though the drop was smaller than the previous month and less than forecast.<\/p>\n<p>Economists had expected a 20.8% contraction in a Reuters poll. Exports had contracted 15.8% in February.<\/p>\n<p>On a seasonally adjusted month-on-month basis, NODX increased 18.4%, Enterprise Singapore data showed, versus the prior month&#8217;s 8.2% decline. Economists had forecast 1.7% growth.<\/p>\n<p>The trade reliant city-state has now recorded six consecutive months of year-on-year contraction in the NODX, amid concerns over the economic outlook.<\/p>\n<p>The Monetary Authority of Singapore (MAS) left its monetary policy settings unchanged last week, even though the inflation rate remains elevated, reflecting policy makers&#8217; concerns about its growth outlook.<\/p>\n<p>Although year-on-year growth was seen in non-electronic exports, electronic exports contracted 21.2% in March, following a 13.1% decline in February due to a decline in integrated circuits (ICs), personal computers (PCs) and disk media products exports.<\/p>\n<p>&#8220;This upside surprise was mainly due to pharmaceuticals&#8230; so not sure if this upside surprise is really reflective of a improved external outlook,&#8221; said Brian Tan, senior economist at Barclays.<\/p>\n<p>&#8220;The electronics exports still looks fairly bleak,&#8221; he said. Electronics are Singapore&#8217;s main growth engine for exports. <\/p>\n<p \/>\n<p> (Reporting by Chen Lin in Singapore; Editing by Ed Davies)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/singapore-march-exports-fall\/a-ship-docks-at-psas-tanjong-pagar-container-port-in\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ3G00C-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3G00C-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Chen Lin SINGAPORE (Reuters) &#8211; Singapore&#8217;s March non-oil domestic exports (NODX) shrank 8.3% year-on-year, official data showed on Monday, though the drop was smaller than the previous month and less than forecast. Economists had expected a 20.8% contraction in a Reuters poll. Exports had contracted 15.8% in February. On a seasonally adjusted month-on-month basis, [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":12499,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1216],"tags":[],"class_list":["post-12498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-economy"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ3G00C-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/12498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=12498"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/12498\/revisions"}],"predecessor-version":[{"id":12500,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/12498\/revisions\/12500"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/12499"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=12498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=12498"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=12498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}