Singapore's non-oil domestic exports expand 21.5% in February in 4th straight month of growth

Shipping containers are moved and stacked at a port in Singapore.
Shipping containers are moved and stacked at a port in Singapore.PHOTO: BLOOMBERG

SINGAPORE - Singapore’s non-oil domestic exports (Nodx) extended their growth streak for the fourth consecutive month, with 21.5 per cent expansion year-on-year in February 2017. 

Leading the expansion was the increase in electronic and non-electronic exports in all top 10 markets led by China, the 28 countries of European Union and Taiwan,  according to data released by IE Singapore. 

"The strong numbers are helped by a favourable base effect in the preceding year, when Lunar New Year was in February," said Mr Ng Weiwen, an Asean economist with ANZ Research.

Looking ahead, Mr Ng said, a meaningful sustained pick up in the US economic activity, buoyed by a reflationary fiscal policy under a Trump administration, will be a boon for Singapore through increased demand for Singapore exports. 

On a seasonally adjusted, month-on-month basis, exports increased by 1.4 per cent in February compared to 5 per cent recorded the month earlier, on the back of non-electronic exports outweighing the decline in electronic exports. 

On a seasonally adjusted basis, the level of Nodx reached S$15.1 billion in February, compared to S$14.9 billion in the previous month.

Total trade rose 22.1 per cent in February over the year, support by both export and import growth, but a decline was recorded on a seasonally adjusted basis in total trade, as imports fell after four consecutive months of growth.

Total trade declined on by 3.9 per cent on a month-on-month, seasonally adjusted basis, compared to 2.2 per cent growth in January.