Singapore’s non-oil exports down in April after 5 months

According to the data released by International Enterprise (IE) Singapore, Singapore’s exports decreased by 0.7% in April year-on-year due to a fall in exports of pharmaceuticals after increasing five months in a row. The expectations were calling for exports to post an annual increase of 12.4% in April.

The country’s non-oil exports were also down by 9% month-on-month.

Pharmaceutical exports declined by 39.9% on a yearly basis in April after a rise of 17.7% in the previous month although the analysts argue that this fall is temporary and will reverse in the coming months.

The data also showed that the country’s electronic exports in April were up by 4.8% from a year earlier. However, this increase was slower than the 5.2% increase in March.

Singapore’s exports to China were also up by 10.9% in April, indicating a significant fall from the 45.5% increase in March.