Tuesday April 17, 07:21 AM
Singapore's key exports recover in March led by pharmaceuticals
SINGAPORE (AFP) - Singapore's key exports rebounded in March after falling the previous month, driven by robust shipment of pharmaceuticals which offset continued weakness in electronics, the government said Tuesday.
Last month's non-oil domestic exports (NODX), valued at 15.22 billion Singapore dollars (10.08 billion US), was up 1.6 percent over the same period last year, recovering from a 6.6 percent decline in February.
On a month-on-month seasonally adjusted basis, NODX advanced 15 percent, reversing the previous month's 11 percent contraction, the government trade promotion body International Enterprise Singapore (IE Singapore) said.
The increase in the March NODX was at the lower end of analysts' forecasts which ranged between 1.3 and 8.4 percent.
Total trade rose 3.0 percent to 71.10 billion dollars after shrinking 7.0 percent in February as exports and imports recovered.
Shipment of electronics products, Singapore's main exports, continued to be hobbled by weak global demand, falling 17.7 percent in March, sustaining the 17 percent decline in February.
Integrated circuits, disk drives, telecommunications equipment and consumer electronics showed hefty falls.
However, the decline was offset by growth in pharmaceuticals and petrochemicals, among others.
Pharmaceuticals soared 72.3 percent in March from just 0.8 percent growth in February and petrochemicals grew 14.1 percent from a 7.1 percent contraction.
"The surge in non-electronic NODX in March was led mainly by increased domestic exports of pharmaceuticals, ships and boats, petrochemicals and printing bookbinding machinery," IE Singapore said.
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