Singapore's non-oil domestic exports decline by a significant 20.7%, far exceeding expectations.

• The decline in exports was caused by a decrease in non-electronics exports, particularly pharmaceuticals, with electronic exports falling 9.4% and non-electronics exports declining 23.2%.
• In March, Singapore's top markets saw a decline in non-oil domestic exports, particularly from the U.S., European Union, and Japan. On the other hand, exports to China, Hong Kong, and Taiwan increased.

In March, Singapore's non-oil domestic exports decreased by 20.7% compared to the same month last year, which was a significant drop from the previously revised 0.2% decline in February.

The 20.7% fall in non-oil domestic exports missed expectations by a huge margin, with economists polled by Reuters forecasting a 7% fall. This is the largest drop in non-oil domestic exports recorded by Singapore since January 2023.

The decline in non-oil domestic exports was more than anticipated, falling 8.4% on a month-on-month basis.

The decline in non-electronics exports, including pharmaceutical exports, was the main reason for the slump in government business development agency Enterprise Singapore's exports, with electronic exports slipping 9.4% and non-electronic exports tumbling 23.2%.

In March, Singapore's top markets saw a decline in non-oil domestic exports, particularly from the U.S., European Union, and Japan. On the other hand, exports to China, Hong Kong, and Taiwan increased.

On a seasonally adjusted basis, March's non-oil domestic exports were lower than both February's and the average for 2023, coming in at SG$13 billion.

In March, Singapore's total trade decreased by 1.8% compared to the previous year, with both exports and imports falling by 3.4% and 0.1%, respectively.