Economics
Singapore Exports Show Surprising Rise From Last Year’s Base
- Non-oil domestic exports grow 17.6%, confounding expectations
- March gain seen as temporary blip before virus hit shows up
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Singapore’s exports unexpectedly surged in March from a low base in the previous year, despite disruptions to global supply chains as the coronavirus spread across the world.
Non-oil domestic exports, known as NODX, grew 17.6% in March from a year ago, the highest since October 2017, according to data published by Enterprise Singapore on Friday. The median estimate in a Bloomberg survey of economists was for a contraction of 8%. Compared with the previous month, exports rose a seasonally adjusted 12.8%, versus a median estimate for a 12.7% contraction.