Singapore's non-oil domestic exports rose at a faster-than-expected pace in March, as growth in both electronic and non-electronic shipments increased. Non-oil domestic exports from the Southeast Asian trading hub expanded 7.7% on year in March, Enterprise Singapore said Monday. The data was sharply higher than the median estimate for a 2.0% drop in a survey of five economists by The Wall Street Journal. Non-oil domestic exports grew 9.5% on-year in February. Measured month-over-month, Singapore's non-oil domestic exports fell 2.3% in seasonally adjusted terms in March, after the prior month's 2.8% decline.
Electronics exports climbed 11.5% in March from a year earlier, versus an 11.6% expansion in the previous month. Non-electronics exports grew 6.8%, following an 8.8% rise. Exports of pharmaceuticals increased 17.9% in March while petrochemicals exports fell 1.9%, Enterprise Singapore said. Non-oil domestic exports to the top 10 markets grew in the month on higher shipments to the U.S., Malaysia and the EU, while exports to Hong Kong, South Korea and Thailand fell.