More on that surprising jump for Singapore exports in March

The data post is here, a surprise result indeed:

• Singapore data - March exports (NODX) +17.6% y/y (-8% expected)

Main points on the release via ING:

• a significant outperformance
• 49% jump in the pharmaceuticals stood out as the main driver of growth as the sector is benefiting from the ongoing global health crisis
• Electronics ... best performance in over two years
• This data explains the resiliency of Singapore's manufacturing
• We believe worse lies ahead, as the month-long circuit-breaker to contain the Covid-19 spread will significantly impair activity in April and in the rest of this quarter.