Singapore exports show surprising rise from 2019’s base

Bloomberg

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.
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.
“Unfortunately, this March exports growth is going to be as good as it gets for a while,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group in
Singapore.
“With large parts of the global economy shut and oil prices at low levels, NODX will likely see growth drop back in the coming months and possibly into negative territory.”

Temporary Blip
The jump in exports may be temporary, with trade-reliant Singapore bracing for a severe hit to growth amid the coronavirus pandemic.
Singapore’s gross domestic product contracted an annualised 10.6% in the first quarter — the most in a decade — with the government now expecting the economy to shrink 1%-4% for the year.
“This is a little bit of good news for the economy, which has been significantly impacted by Covid-19. But we must not be complacent,” Trade and Industry Minister Chan Chun Sing said in a release.