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Singapore March exports jump due to gold, pharma shipments

Reuters SG
Updated ·1-min read
Singapore March exports jump due to gold, pharma shipments

SINGAPORE, April 17 (Reuters) - Singapore's annual exports growth accelerated by 17.6% in March, blowing past expectations due to a jump in shipments of pharmaceuticals and gold, official data showed on Friday.

The sharp jump in non-oil domestic exports (NODX) compared with a revised 3.1% rise the month before, data from trade agency Enterprise Singapore showed, and partly reflected base effects due to the downturn in the electronics industry last year.

The city-state is a big regional player in the gold trade, and exports can be impacted by sharp swings in value.

The surge in exports defied expectations for a 8.9% decline predicted by economists in a Reuters poll.

On a seasonally adjusted month-on-month basis, exports expanded 12.8% in March after declining a revised 4.7% in February.

(Reporting by John Geddie and Aradhana Aravindan Editing by Shri Navaratnam)