Singapore February exports up 23%
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Singapore’s exports grew at a faster pace in February on the back of higher electronics and pharmaceutical shipments.Non-oil domestic exports (Nodx) rose 23% from a year earlier, after a revised 21% gain in January, beating median forecast of an 18% rise by seven economists.From a month ago, Nodx rose a seasonally adjusted 14.8% from January, when they fell a revised 9.1%, said trade promotion agency IE Singapore said in a recent statement.Electronics shipments climbed 26% in February from a year earlier to S$4.38 billion, after a 22.7% gain the previous month.Non-electronics shipments, which include petrochemicals and pharmaceuticals, jumped 22%. Pharmaceutical shipments rebounded from a decline in January, rising 29% last month.Exports to all of the top 10 Nodx markets increased, in particular, to Europe, Indonesia and Taiwan, rising by 35%, 71% and 124% respectively.The government now expects gross domestic product to grow by 4.5% to 6.5% in 2010, up from a previous forecast of 3% to 5%.
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