(Adds analyst comment, details)
By Chen Lin
SINGAPORE, April 17 (Reuters) - Singapore's March
non-oil domestic exports (NODX) shrank 8.3% year-on-year,
official data showed on Monday, though the drop was smaller than
the previous month and less than forecast.
Economists had expected a 20.8% contraction in a Reuters
poll. Exports had contracted 15.8% in February.
On a seasonally adjusted month-on-month basis, NODX
increased 18.4%, Enterprise Singapore data showed, versus the
prior month's 8.2% decline. Economists had forecast 1.7% growth.
The trade reliant city-state has now recorded six
consecutive months of year-on-year contraction in the NODX, amid
concerns over the economic outlook.
The Monetary Authority of Singapore (MAS) left its monetary
policy settings unchanged last week, even though the inflation
rate remains elevated, reflecting policy makers' concerns about
its growth outlook.
Although year-on-year growth was seen in non-electronic
exports, electronic exports contracted 21.2% in March, following
a 13.1% decline in February due to a decline in integrated
circuits (ICs), personal computers (PCs) and disk media products
exports.
"This upside surprise was mainly due to
pharmaceuticals... so not sure if this upside surprise is really
reflective of a improved external outlook," said Brian Tan,
senior economist at Barclays.
"The electronics exports still looks fairly bleak," he
said. Electronics are Singapore's main growth engine for
exports.
(Reporting by Chen Lin in Singapore
Editing by Ed Davies)
