Singapore: Exports rebound in February
March 17, 2016
In February, non-oil domestic exports (NODX) grew 2.1% over the same month last year, which contrasted the 10.1% decrease tallied in January and marked the highest reading in eight months. The result overshot the 0.8% decline that the markets had expected.
February’s improvement reflected gains in eight of the country’s top ten export markets—exports to Japan, Hong Kong and the European Union grew at double-digit rates. February’s result reflected expansions in shipments of both electronics and non-electronic products. Exports of electronic products rose 0.7% in February, which contrasted the 0.6% decrease tallied in the previous month. Meanwhile, non-electronics exports grew 2.7%, which contrasted the 14.1% decline recorded in January.
On a month-on-month seasonally-adjusted basis, exports fell 4.1% in February, which contrasted January’s 0.6% increase.