Singapore witnessed a notable slowdown in the decline of its non-oil exports in April 2024. The latest data, updated on 17 May 2024, indicates that the year-over-year drop in non-oil exports has eased to -9.30%, a significant improvement compared to the -20.80% recorded in March 2024.
The improvement is a positive signal for Singapore's economy, which has been grappling with external trade challenges. The March figures had sparked concerns as the steep decline suggested deeper economic frailties. However, the April rebound, although still negative, suggests an ebbing of the pressures that were acutely felt earlier in the year.
Analysts are cautiously optimistic, viewing the April data as a sign that the extensive trade headwinds may be abating. The minister for trade and industry commented that sustained efforts to diversify markets and enhance the competitiveness of exports are beginning to yield benefits. Stakeholders are hopeful that this better-than-expected performance could pave the way for a gradual recovery in the coming months.
