Singapore exports continue to grow strongly in December
The result surprised vastly on the upside, beating market expectations of a 5.8% expansion.
December’s reading resulted from expansions in six out of the country’s top ten export markets—all except the U.S., Japan, the EU and Malaysia.
It reflected a strong expansion in shipments of non-electronic NODX and an increase in exports of electronic products.
Exports of electronic products grew 5.7%, which followed the 3.5% increase seen in the previous month. Meanwhile, non-electronic exports grew 11.3%, which followed November’s 15.3% expansion.
On a month-on-month seasonally-adjusted basis, exports expanded 1.0% in December, a sharp deceleration from November’s 13.0% growth.
FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% in 2017, which would bring exports to a total of $353 billion.
For 2018, the panel foresees exports growing 5.8% and reaching a total of $373 billion by the end of the year. ■