Apr 29, 20212 min read

April Macro Economy Review

[April - 13] China Export Data/China exports rose 30.6% in March over a year ago as global consumer demand strengthened gradually from the pandemic. Total exports rose to USD241.1 billion, decelerating from the dramatic 60.6% rebound in the first two months of 2021, customs data showed. Imports rose 38.1% over a year ago.

Exports to the United States went up 53.6% in March to USD38.7 billion despite tariff hikes still in place in a trade war launched by former President Donald Trump. Imports of U.S. goods, up 74.7% to USD17.3 billion.

Exports to the European union amounted to USD36.6 billion while imports of European goods were USD27.5 billion.

[April - 16] Singapore/Singapore's non-oil domestic exports (Nodx) rose 12.1% in March, driven by higher demand of petrochemical and electronics shipments from a low base of a year ago. This was higher than the 4.2% rise in February, according to data released by the government yesterday. Total trade rose by 19.6% in March on a year-on-year basis, total exports rose by 21%.

By sector, electronic NODX grew by 24.4 %, compared with 7.3% in February, and up from a trough in March 2020, driven by a 19% jump in integrated circuits, with ESG citing reports of global chip shortages worldwide.Non-electronics Nodx grew 9.4% last month, compared with the 3.2% yearly increase in February. In particular, petrochemicals rebounded by 51.4% from a cyclical decline, while pharmaceuticals, which added 25.5%, are typically volatile, ESG noted. "Robust" semiconductor demand boosted specialised machinery to an expansion of 35.1%. Rising demand were seen for specialised machinery, petrochemicals, and primary chemicals in China; pharmaceuticals, specialised machinery, and telecom equipment in the European Union; and petrochemicals, non-monetary gold, and diodes and transistors in Malaysia. NODX to Thailand, the United States, Japan and Hong Kong declined - also weighed down by lower demand in the non-electronics clusters. NODX to emerging markets grew by 67.9% year on year, mainly to South Asia, Latin America and the Cambodia, Laos, Myanmar and Vietnam region.

[April -19] Japan Export Data/Japan total export increased in March, led by export growth to China