Singapore: Exports rebound to more than a year high
January 17, 2014
In December 2013, non-oil domestic exports (NODX) rose 6.0% over the same month of the previous year, which significantly contrasted both the 8.9% contraction recorded in November and the 1.3% fall the markets had expected. December's print represents the highest increase since October 2012.
According to International Enterprise (IE) Singapore, the improvement was broad-based. Exports of electronic products rose 11.5% in December, following the 10.1% rise recorded in the previous month. In addition, non-electronic exports increased 17.2% (November: +12.4% year-on-year)
On a monthly basis, exports rose a seasonally-adjusted 9.2%, which contrasted the 4.2% decrease recorded in November.
FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% this year, which would bring exports to a total of USD 442 billion. For next year, the panel projects exports to grow 8.2%, for a total of USD 478 billion.
Author: Dirina Mançellari, Senior Economist