Singapore Trade February 2016


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.

FocusEconomics Consensus Forecast panelists see overall nominal exports declining 2.1% in 2016, which would bring exports to a total of USD 391 billion. For 2017, the panel foresees exports growing 3.5% and thus reaching a total of USD 404 billion by the end of the year.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade February 2016

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

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