Singapore March non-oil exports down 6.6 pct y/y, miss forecast

Wed Apr 16, 2014 8:36pm EDT

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SINGAPORE, April 17 (Reuters) - Singapore's non-oil domestic
exports fell 6.6 percent from a year earlier, official data
showed on Thursday, missing market expectations in the face of a
sluggish Chinese economy and slower growth in the city-state's
manufacturing.
    The exports were hurt as pharmaceuticals shipments in March
fell 44.6 percent from a year earlier.
    International Enterprise Singapore (IE Singapore), the
country's trade agency, released the trade data.

 Percentage change
                                           March    February 
     Non-oil domestic exports (m/m*)        -8.9        +7.0
     Non-oil domestic exports (y/y)         -6.6        +8.9
     - electronics                         -16.1        -3.7
     - pharmaceuticals                     -44.6       +21.7
     - European Union                      -27.8        +3.4
     - United States                        -1.8       +22.3
     - China                               +16.1       +35.5
     Non-oil domestic exports (S$ bln)     13.85       12.56
     Non-oil re-exports (y/y)              +18.7       +15.5
     Total trade (y/y)                     +11.4        +9.0
  * m/m data is seasonally adjusted
 
For detailed exports data, see IE Singapore's website at www.iesingapore.gov.sg.

Forecasts for non-oil domestic exports (NODX) were centered on a
0.8 percent year-on-year dip in March, according to the median
in a Reuters poll of economists. NODX was expected to fell 1.6
percent month-on-month. 
Singapore's non-oil exports tend to be volatile because a
significant portion comprises pharmaceuticals and oil rigs that
can vary sharply from month to month.

 (Reporting by Jongwoo Cheon and Masayuki Kitano; Editing by
Eric Meijer)
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