Export growth rate of non-oil products in March

Exports of Singapore’s non-oil GDP increased by 7.7% last month. This is lower compared to January and February.

Export growth in the first two months of this year was 17.6% and 9.4% respectively. However, it was higher than expected, according to data released yesterday by Enterprise Singapore. An earlier study by Bloomberg found that in March, Singapore’s oil exports averaged 1.7 percent.

On an annual basis, exports of electronics rose 11.5% last month. Exports of electronics were up 6.8%. Both are low compared to February.

Last month, Singapore exported 17.2 billion silver worth of oil shale products. Analysts have warned that trade could be affected for the next few months by challenges such as the supply chain.