Singapore: Singapore exports reversed two straight months of decline to rise an annual 2.8% in January led by strong shipments of petrochemicals and disk drives, the government said Monday.
The rise in non-oil domestic exports (NODX) to $10.9 billion was unexpected, with six economists polled expecting another decline.
NODX, an important barometer of the health of Singapore’s open, trade-reliant economy, contracted 3.4% in November and 4.5% in December, government data showed.
On a month-on-month seasonally adjusted basis, exports expanded 8.4%, turning around from a 1.8% decline in December, the government’s trade promotion body International Enterprise (IE) Singapore said.
Total trade climbed 19.2% to $80.92 billion; electronic exports fell 1.8% for the month to $6.25 billion, slower than the 9.2% decline in December, helped by shipments of disk drives which rose 20.4% from a 26.8% shrinkage in December.
Exports of pharmaceuticals contracted 26.7% to $1.77 billion, but petrochemicals exports were up 7.3% to $1.19 billion.
Exports to the European Union, the United States, Taiwan and Malaysia decreased but shipments to the city-state’s other top 10 markets expanded, IE Singapore said.
The largest contributors to the expansion were Hong Kong, mainland China and South Korea. Singapore’s trade ministry has said the economy is expected to grow at a slower pace of 4.0-6.0% this year from 7.7% in 2007 because of increased risks from a slowing US economy, a major buyer of the country’s exports.