Year on year, total exports grew by 0.7 percent to SGD 44.90 billion, following a 16.1 percent contraction in February.
Non-oil domestic exports (NODX) rose by 18.5 percent in March, as compared to a 9.7 percent decline in the previous month, due to an expansion in both electronic and non-electronic NODX. Electronic sales grew by 10.4 percent, after a 12.5 percent decline in the preceding month, largely due to parts of ICs (+24.4 percent), PCs (+123.0 percent) and diodes & transdistors (+16.1 percent). Non-electronic NODX expanded by 21.6 percent, reversing from a 8.5 percent decline in the previous month, largely due to a rise in pharmaceuticals (+65.9 percent), structures of ships & boats (+337.6 percent) and non-electric engines & motors (+433.7 percent).
Oil exports fell 22.4 percent, following a 46.7 percent contraction a month ago. The year-on-year decline of oil exports was mainly due to lower sales to China (-48.0 percent), Panama (-44.7 percent) and Australia (-55.2 percent).
Non-oil re-exports (NORX) rose by 1.7 percent in March, following a 0.9 percent expansion in the previous month, due to an increase in electronic NORX, which outweighed a decrease in non-electronic NORX. Electronic NORXdecreased by 0.9 percent following a 4.6 percent rise in the preceding month, due to ICs (-7.7 percent) and consumer electronics (-9.1 percent). Non-electronic NORX grew by 4.4 percent in March, reversing from a 3.0 percent decline in the previous month, largely due to an expansion in electrical machinery (+40.2 percent), pharmaceuticals (+34.1 percent) and nickel (+327.1 percent).
NODX to top ten markets in March increased on an annual basis except for Indonesia and Japan. The top three contributors to the growth were the EU countries, the US and Malaysia. NODX to the EU countries expanded by 56.2 percent, in contrast to a 2.8 percent decline in the previous month, led by pharmaceuticals (+106.5 percent), PCs (+64.2 percent) and petrochemicals (+172.4 percent). NODX to the US rose by 19.0 percent, following a 7.5 percent increase in February, due to non-electronic engines & motors (+661.6 percent), pharmaceuticals (+62.9 percent) and specialised machinery (+71.9 percent). Those to Malaysia grew by 10.7 percent, following a 1.4 percent growth in the preceding month, due to PCs (+393.8 percent), diodes & transistors (+283.2 percent) and civil engineering equipment parts (+55.5 percent). NODX to emerging markets increased by 69.0 percent in March, in contrast to a 17.5 percent decline in the previous month, mainly due to Caribbean (+6.171.6 percent), the Middle East (+102.6 percent) and CLMV (+86.8 per cent).
NORX to top ten markets rose except to South Korea, Japan, Indonesia and Taiwan. The top three contributors in March were China (+12.5 percent), the US (+16.2 percent) and the EU countries (+11.1 percent).
Imports decreased by 14.7 percent to SGD 36.27 billion in March, following a 20.5 percent fall in the previous month.
In February, Singapore posted a SGD 5.18 billion surplus.