Illustrative image (Source: AFO)
 
 
Singapore (VNA) – Singapore’s non-oil domestic export reached higher – than – expected 8.6 percent in January, becoming the third straight expanding month since last November, said the International Enterprise (IE).

On month-on-month, seasonally adjusted basis, export turnover of Singapore rose 5 percent, reversing from a decline of 2.4 percent in the previous month.

Both electronic and non-electronic exports grew in January, in which electronic shipments increased by 6.1 percent, mostly due to IC, computer parts and disks. 

Non-electronic goods was up 9.9 percent, driven by the expansion of specialised machinery, petrochemicals and non-monetary gold. 

Shipments of Singapore’s top ten markets rose, except the European Union (EU) and Malaysia. China remained the biggest partner of the Southeast Asian country with an export expansion of 36.9 percent, followed by Taiwan (China) with 75.3 percent and the Republic of Korea with 51.5 percent.

According to IE, non-oil re-exports of the country increased by 1.5 percent in January, due to the growth in electronic and non-electronic sectors.

IE forecasts Singapore’s 2017 exports to grow from 0-2 percent, while the total merchandise trade will increase between 4 and 6 percent.

For the whole of 2016, Singapore’s exports declined by 2.8 percent, compared to the 1.5 percent growth in 2015 while non-oil re-exports decreased by 3.1 percent.- VNA