Singapore Trade February 2017


Singapore: Exports growth accelerates sharply in February

March 17, 2017

In February, Singapore's non-oil domestic exports (NODX) grew a six-year high of 21.5% from the same month last year, gaining considerable steam from January’s robust 8.6% expansion. The result surprised analysts on the upside, beating market expectations of a 12.8% expansion.

February’s reading resulted from expansions in all of the country’s top ten export markets—with China, the EU and Taiwan contributing the most to the increase. It reflected expansions in shipments of both electronic and non-electronic NODX. Exports of electronic products grew 17.2%, which followed the 6.1% increase seen in the previous month. Meanwhile, non-electronic exports jumped 23.3%, which followed January’s 9.8% expansion.

On a month-on-month seasonally-adjusted basis, exports expanded 1.4% in February, down from January’s stronger 5.0% expansion.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% in 2017, which would bring exports to a total of USD 353 billion. For 2018, the panel foresees exports growing 5.8% and reaching a total of USD 373 billion by the end of the year.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade February 2017 0

Note: Year-on-year and seasonally-adjusted month-on-month variation of non-oil domestic exports in %.
Source: Statistics Singapore (Singstat) and International Enterprise (IE) Singapore and FocusEconomics calculations.

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