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.