Singapore non-oil exports back in the black in Feb, defying economist expectations
SINGAPORE’S export sector heaved a sigh of relief as it swung back into the black in February, buoyed by a rise in non-electronic shipments and surprising economists on the upside as most had expected a fourth consecutive month of decline.
Non-oil domestic exports grew by 4.9 per cent last month, reversing from a worse-than-expected slide of 10.1 per cent in January, which was the biggest drop since October 2016. A Bloomberg poll of economists had projected that NODX would fall 1.6 per cent in February. Last month’s NODX figures were boosted by the non-electronic product shipment, which grew by 9.4 per cent compared to the 7.9 per cent decrease in January. Non-monetary gold, pharmaceuticals and food preparations contributed the most to the increase in non-electronic NODX.
The jump in non-electronic exports helped to offset the continued decline of electronics, which slid by 8 per cent in February, easing from the 15.9 per cent decrease in the previous month. Disk media products, personal computers, and diodes and transistors contributed the most to the contraction in electronic NODX.On a month-on-month seasonally adjusted basis, NODX expanded by a whopping 16 per cent in February after the previous month’s 5.
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