Pharma shipments lift Singapore exports for third straight month

Singapore’s annual exports rose for the third straight month in April, bolstered by a sharp rise in pharmaceutical shipments, official data showed on Monday.

Non-oil domestic exports (NODX) rose 9.7% on a year-on-year basis, easing from a 17.6% jump the month before, data from trade agency Enterprise Singapore showed. The median of seven economists’ estimates in a Reuters survey had forecast a 5% decline.

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On a seasonally adjusted month-on-month basis, exports fell 5.8% in April after expanding 12.8% in March.

Pharmaceutical exports, which can be volatile, rose 174.3%, growing from a low base a year ago.