Singapore: Exports rebound in February, reaching fastest growth in two years
March 17, 2014
In February, non-oil domestic exports (NODX) rose 9.1% over the same month last year, which contrasted the 3.3% fall recorded in January and overshot the 7.6% increase that markets had expected. February's increase represents the fastest growth in two years. According to International Enterprise (IE) Singapore, the improvement was broad-based. Exports of electronic products contracted 3.7% in February, which was an improvement over the 17.0% decrease observed in January. In addition, non-electronic exports accelerated from a 3.5% increase in January to a 15.4% rise in February. On a monthly basis, exports rose a seasonally-adjusted 7.2%, which contrasted the 5.0% drop recorded in January. FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% this year, which would bring exports to a total of USD 442 billion. For next year, the panel projects exports to grow 8.2%, for a total of USD 478 billion.
Author: Dirina Mançellari, Senior Economist