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Singapore’s NODX plunges 20.7% in March, signaling deep economic strains

In March 2024, Singapore’s Non-oil Domestic Exports fell by 20.7%, signaling deep sectoral issues. Data from Enterprise Singapore shows a stark downturn from a slight 0.2% decline in February.



In a disconcerting turn for the economy, Singapore’s Non-oil Domestic Exports (NODX) reported a sharp contraction in March 2024, signaling deeper issues in major sectors.

Official data released by Enterprise Singapore (ES) on Wednesday (17 Apr) reveal a year-on-year decrease of 20.7% in NODX, down from the slight 0.2% reduction in February. This significant contraction spanned both the electronics and non-electronics sectors.

The electronics sector witnessed a notable downturn, with electronic NODX dropping by 9.4% due to steep declines in specific categories.

Telecommunications equipment faced the most dramatic fall, plunging by 38.8%. Integrated circuits (ICs) and diodes & transistors also experienced declines of 8.0% and 11.0%, respectively.

However, the non-electronics sector reported even more drastic declines, contracting by 23.2%.


Among the most affected commodities were pharmaceuticals, structures of ships and boats, and non-monetary gold. Pharmaceuticals experienced a catastrophic fall of 70.3%, highlighting challenges such as global supply chain disruptions or shifts in international demand.

Shipbuilding components, including structures of ships and boats, saw a near-total reduction with a 99.8% decline, reflecting severe downturns in global shipping and marine engineering markets.

Non-monetary gold, often used as a hedge against economic uncertainty, saw its trade reduced by half, declining 49.1%, indicating significant shifts in investment flows and investor confidence.

On a month-to-month seasonally adjusted basis, March continued the negative trend with an 8.4% decline, deepening from a 4.9% decrease in February, reducing the NODX level to S$13.0 billion, a sharp fall from the previous month’s S$14.2 billion and well below the S$15.7 billion recorded in March 2023.

Despite the overall downturn, some areas of trade demonstrated resilience. Non-oil Re-exports (NORX) rose by 4.9% year-on-year, primarily fueled by the electronics sector, where PCs skyrocketed by 556.2%.

Nevertheless, non-electronic NORX fell by 7.4%, impacted negatively by decreases in personal beauty products (24.3%), works of art (75.4%), and pharmaceuticals (17.3%).

Total trade figures for March indicated an economic slowdown, with a 1.8% year-on-year decrease. However, on a seasonally adjusted month-on-month basis, there was a modest recovery in total trade, growing by 2.2%, signaling some market corrections.

Amid these declines, the rise in oil domestic exports on a year-on-year basis in March was 2.0%, though in volume terms, there was a 2.5% decrease. This increase in oil exports was supported by significant increases in exports to Indonesia, Liberia, and the Marshall Islands.

It’s interesting how ES had earlier forecasted that the growth for Singapore’s non-oil domestic exports (NODX) would be between 4.0% and 6.0% for 2024.

Given the results from March, it would require exceptionally strong export performance in the following months for this previous forecast to materialize.

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Are all LHL’s darling fts prs ncs he welcomed in to steal sgs jobs on an extended holiday here..?

Shocking. Nightmare. Disaster.

What are all those 100s and 1000s of imported talents doing – cannot lift the tide? WTF lies PAP pander about Foreign Trash? Or they themselves devoid of constructive ideas to manage the econ better, and blame foreign trash.

Elsewhere in the world, where else we read of their activities dive.

Didn’t I said that they could be using the forward accounting trick for the rosy previous quarter’s economic report? But no worries, when things are actually depressing for all the sheep to see, there is always the No Blaming Culture excuse.

Last edited 1 month ago by theforgottongeneration

So is the government of the day going to flood tiny SG with another few hundred thousands new citizens and PR to pump up the slowing economy?

In the process, creating a time bomb hyper inflation on property prices that benefit only the rich

Economy plunged 20.7 %. How about Million Dollars Salaries. Stay perched up high?

Well our LW can be SG Truong my lan … And which bank is he partnering with or just take from State fund or spawn some black entities to steal money from others to pump back … Same style with Loong with his many groups … No?!?

Not enough inflate living cost somemore …
Neglecting repairs and maintenance … … No?!?