SINGAPORE, April 17 — Singapore’s non-oil domestic exports (Nodx) grew by 17.6 per cent in March year on year, with gold making up about 70 per cent of the jump, according to Enterprise Singapore (ESG) data released today. 

This follows a 3 per cent growth in February.

Gold exports increased by 242.5 per cent, which led to the bulk of the growth in March, said ESG.

"Media reports highlighted the surge in demand for physical gold as a safe haven asset amid global uncertainty and the Covid-19 (pandemic),” it added.

On a month-on-month seasonally adjusted basis, Nodx grew by 12.8 per cent in March to reach S$15.8 billion. This was in contrast to S$14 billion in February — a 4.7 per cent decline. 

Both non-electronic and electronic domestic exports also grew in March. 

Electronics exports grew by 5.8 per cent year-on-year, while non-electronics exports grew by 20.5 per cent. 

The growth in electronics was led by disk media products and integrated circuit components. 

Exports of integrated circuit components increased by 60.1 per cent, while for disk media products the increase was 50.6 per cent. Integrated circuits saw a 6.7 per cent increase in exports. 

Along with gold, specialised machinery and pharmaceuticals also drove the increase in non-electronic exports.

Specialised machinery exports grew by 54.2 per cent, while for pharmaceuticals the growth was 48.6 per cent. 

Singapore’s exports to the majority of its top markets increased in March, except for China, Indonesia and Malaysia. 

Exports to China fell in March, but the drop was only 0.5 per cent compared to the 35.8 per cent in February. Shipments to Malaysia fell by 27.0 per cent while for Indonesia the decrease was 2.1 per cent. 

Meanwhile, Singapore’s exports to Thailand grew the most — by 147 per cent. Exports to the US grew by 22.5 per cent, and for Japan the growth was 47.6 per cent. ― TODAY