Singapore's non-oil domestic exports plunged 20.7% in March from a year ago, a sharp decline from the revised 0.2% fall in February.
The 20.7% fall missed expectations by a huge margin, with economists polled by Reuters forecasting a 7% fall.
This is the largest drop in non-oil domestic exports recorded by Singapore since January 2023.
On a month-on-month basis, non-oil domestic exports slid 8.4%, also more than the 4.5% expected in the Reuters forecast.
Non-oil domestic exports to Singapore's top markets declined in March, particularly for the U.S., the European Union and Japan.
Persons:
Singapore's
Organizations:
Reuters, Enterprise Singapore, European Union, . Enterprise Singapore
Locations:
Marina, Sands, Singapore, Japan, China, Hong Kong, Taiwan