Singapore: Exports surge in February
March 16, 2012
In February, non-oil domestic exports (NODX) surged 30.5% over the same month last year. The figure contrasted the 2.4% contraction observed in the previous month and marked the fastest growth rate since October 2010. The strong expansion nearly doubled market expectations, which had NODX increasing 16.2%, as analysts expected exports to recover following disruptions from the Chinese New Year holiday. The improvement was broad-based, as both exports of electronic products and non-electronic products expanded at a faster pace compared to January. That said, according to International Enterprise Singapore (IE), non-electronic exports led the increase by surging 34%, beating electronic exports which rose 23%. A month-on-month comparison corroborates the acceleration suggested by the annual figures, as exports grew a robust seasonally adjusted 6.2%, which is well above the 0.5% increase seen in January.