Singapore exports jump in August
The result strongly benefited from skyrocketing demand from China, Hong Kong and South Korea and came in well above market expectations of a much softer 10.0% expansion.
August’s reading resulted from stronger demand mainly from China, South Korea, Japan, Malaysia, Hong Kong, the European Union and the United States which more than offset slightly weaker demand from Taiwan.
Looking at the sector-by-sector picture, exports of non-electronic products increased by 15.0% in August, following the softer 4.4% expansion in July, driven by higher exports of non-monetary gold, petrochemicals and specialized machinery.
Meanwhile, exports of electronic goods jumped 21.7% in August, up from the 15.3% growth observed in the previous month, thanks to strong growth in exports of ICs, disk media products and parts of ICs.
On a month-on-month seasonally adjusted basis, exports grew 4.5% in August, contrasting’s July revised 3.3% contraction (previously reported: -2.5% mom s.a.).
FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.1% in 2017, which would bring exports to a total of USD 365.4 billion.
For 2018, the panel foresees exports growing 2.6% and reaching a total of USD 375.1 billion by the end of the year. ■