Singapore's export improves in April

The non-oil domestic exports of Singapore, a key gauge of the trade hub's export performance, fell by 1 percent year on year in April, trade promotion agency International Enterprise Singapore said on Friday. It followed a year-on-year contraction of 4.8 percent in the previous month, exceeding market expectations. The agency said the contraction was largely due to a drop in electronic exports, which contracted by 9 percent in April, however, it represents an improvement from the previous month's 17. 9 percent decline. The non-oil domestic exports to half of the top ten markets declined in April, but those to the United States, Thailand and China, including its Hong Kong and Taiwan markets, increased. The top three contributors to the export contraction in April were the European Union, South Korea and Malaysia.