Singapore exports rise in November
Singapore`s exports rose for the first time in 19 months in November, further strengthening the country`s rebound from a severe recession.
Singapore: Singapore`s exports rose for the first time in 19 months in November, government data showed on Thursday, further strengthening the country`s rebound from a severe recession.
Non-oil domestic exports (NODX) for the month grew an annual 8.7 percent to 13.11 billion Singapore dollars ($9.5 billion) due to stronger shipments of pharmaceuticals and a pickup in demand from Europe and China.
The rise ended declines that began in May 2008, a few months before the city-state slipped into recession.
On a seasonally adjusted month-on-month basis, NODX expanded 20 percent, said International Enterprise (IE) Singapore, the government`s trade promotion body, in its monthly report.
The jump in November was better than the average 2.5 percent rise analysts polled by Dow Jones Newswires were expecting.
Pharmaceuticals surged 78 percent year-on-year to 1.70 billion dollars, cushioning a 6.1 percent drop in electronics shipments valued at 4.62 billion dollars.
Total trade during the month grew a modest 0.5 percent to 66.87 billion dollars from a year ago and was an improvement from the 12.5 percent fall recorded in the previous month.
IE Singapore said exports to its major markets such as the European Union, China, Hong Kong, South Korea and Taiwan rose in November but shipments to the United States and Japan fell.
Singapore`s NODX figures are widely monitored because they are seen as an indication of how the trade-led economy is performing.
The city-state last month declared it has emerged from a recession that began in the third quarter of 2008 after the global economic downturn hit demand for its exports.
The government said it expects the economy to shrink 2.0-2.5 percent this year and rebound in 2010 with growth of 3.0-5.0 percent.
But private sector economists are more upbeat, predicting an expansion of 5.5 percent next year.