Tuesday, August 22, 2017 - 6:45:32

Exports of Singapore grow in five straight months

VNA Print

Illustrative image (Source: straitstimes)

Singapore (VNA) – Non-oil domestic exports of Singapore in March surged 16.5 percent year-on-year and increased in five months in a row.

According to statistics of the International Enterprise of Singapore (IE) on April 17, electronic and non-electronic exports saw strong growth. Specifically, electronic export rose 5.2 percent, as shipment of computer parts grew 33.9 percent, consumer electronics and IC up 29.9 percent and 7.8 percent.

Meanwhile, non-electronic exports increased 20.8 percent, topped by steel and aluminium (4,695.7 percent), specialised machinery and structural parts made of iron (70.1 percent) and petrochemicals (42.8 percent).

Shipment to all of Singapore’s top 10 markets also rose in March. Exports to China, the largest market, went up 45.5 percent compared to the same period last year.

Non-oil re-exports of Singapore last month rose 9.4 percent due to the growth of electronics (10.2 percent) and non-electronics (8.6 percent).

Despite strong number, Singaporean analysts still warned of a decrease in exports due to unstable global trade in the coming months as well as huge inventory of China from start of the year until 2018.

As a result, the Monetary Authority of Singapore recently announced to hold its monetary policy steady and warned of risks to the global outlook, even with recent improvements in exports and broad economic growth momentum in the first three months. -VNA 

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