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Singapore February exports strongest in five years, China shipments surge

Reuters  |  SINGAPORE 

By Fathin Ungku

(Reuters) - Singapore's February non-domestic (NODX) grew at their fastest pace in five years, fuelled by demand for the city state's tech products and a sharp jump in shipments to

The stronger-than-expected data adds to optimism of a manufacturing revival for Asian exporters as concerns over trade protectionism and geopolitical risks rise.

in February rose 21.5 percent from a year earlier, data from trade agency International Enterprise (IE Singapore) showed on Friday.

Non-domestic rose a seasonally adjusted 1.4 percent in February from January.

A poll had forecast February would expand 12.8 percent from a year earlier and grow 0.8 percent from January.

"The strong numbers were being helped by a favourable base effect because of Lunar New Year," said ANZ economist Weiwen Ng. The holiday fell in February last year but was celebrated in January this year.

Singapore's electronics sector was also a factor driving exports, helping the trade-dependent avert a recession in the fourth quarter. Integrated circuits made up a bulk of the export growth of the electronics sector.

"The bright spot effectively is still electronic NODX which continued to expand in double digits", Ng said.

Petrochemical also jumped 45.3 percent from a year earlier.

However, despite the stellar numbers, Ng said he remains cautiously optimistic in his outlook which is dependent on "ongoing trade recovery in the region and the reflationary fiscal policy under the Trump administration".

February's annual rise was the biggest since February 2012, when jumped 32.2 percent, Thomson data showed. in January rose 8.6 percent, buoyed by strong shipments to as well as Taiwan and South Korea.

In February, shipments to soared 65.1 percent from a year earlier, while to Europe rebounded, up 28.7 percent, and to the United States grew 1.4 percent.

Singapore's has been on the ropes in the last two years with growth slipping to a seven-year low of 1.8 percent in 2016, as slowed amid sluggish global growth.

Most analysts now expect Singapore's central bank to keep monetary policy unchanged at its next policy review in April, after and factory activity picked up momentum from late last year.

(Additional reporting by Masayuki Kitano; Editing by Jacqueline Wong)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Singapore February exports strongest in five years, China shipments surge

SINGAPORE (Reuters) - Singapore's February non-oil domestic exports (NODX) grew at their fastest pace in five years, fuelled by demand for the city state's tech products and a sharp jump in shipments to China.

By Fathin Ungku

(Reuters) - Singapore's February non-domestic (NODX) grew at their fastest pace in five years, fuelled by demand for the city state's tech products and a sharp jump in shipments to

The stronger-than-expected data adds to optimism of a manufacturing revival for Asian exporters as concerns over trade protectionism and geopolitical risks rise.

in February rose 21.5 percent from a year earlier, data from trade agency International Enterprise (IE Singapore) showed on Friday.

Non-domestic rose a seasonally adjusted 1.4 percent in February from January.

A poll had forecast February would expand 12.8 percent from a year earlier and grow 0.8 percent from January.

"The strong numbers were being helped by a favourable base effect because of Lunar New Year," said ANZ economist Weiwen Ng. The holiday fell in February last year but was celebrated in January this year.

Singapore's electronics sector was also a factor driving exports, helping the trade-dependent avert a recession in the fourth quarter. Integrated circuits made up a bulk of the export growth of the electronics sector.

"The bright spot effectively is still electronic NODX which continued to expand in double digits", Ng said.

Petrochemical also jumped 45.3 percent from a year earlier.

However, despite the stellar numbers, Ng said he remains cautiously optimistic in his outlook which is dependent on "ongoing trade recovery in the region and the reflationary fiscal policy under the Trump administration".

February's annual rise was the biggest since February 2012, when jumped 32.2 percent, Thomson data showed. in January rose 8.6 percent, buoyed by strong shipments to as well as Taiwan and South Korea.

In February, shipments to soared 65.1 percent from a year earlier, while to Europe rebounded, up 28.7 percent, and to the United States grew 1.4 percent.

Singapore's has been on the ropes in the last two years with growth slipping to a seven-year low of 1.8 percent in 2016, as slowed amid sluggish global growth.

Most analysts now expect Singapore's central bank to keep monetary policy unchanged at its next policy review in April, after and factory activity picked up momentum from late last year.

(Additional reporting by Masayuki Kitano; Editing by Jacqueline Wong)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Singapore February exports strongest in five years, China shipments surge

By Fathin Ungku

(Reuters) - Singapore's February non-domestic (NODX) grew at their fastest pace in five years, fuelled by demand for the city state's tech products and a sharp jump in shipments to

The stronger-than-expected data adds to optimism of a manufacturing revival for Asian exporters as concerns over trade protectionism and geopolitical risks rise.

in February rose 21.5 percent from a year earlier, data from trade agency International Enterprise (IE Singapore) showed on Friday.

Non-domestic rose a seasonally adjusted 1.4 percent in February from January.

A poll had forecast February would expand 12.8 percent from a year earlier and grow 0.8 percent from January.

"The strong numbers were being helped by a favourable base effect because of Lunar New Year," said ANZ economist Weiwen Ng. The holiday fell in February last year but was celebrated in January this year.

Singapore's electronics sector was also a factor driving exports, helping the trade-dependent avert a recession in the fourth quarter. Integrated circuits made up a bulk of the export growth of the electronics sector.

"The bright spot effectively is still electronic NODX which continued to expand in double digits", Ng said.

Petrochemical also jumped 45.3 percent from a year earlier.

However, despite the stellar numbers, Ng said he remains cautiously optimistic in his outlook which is dependent on "ongoing trade recovery in the region and the reflationary fiscal policy under the Trump administration".

February's annual rise was the biggest since February 2012, when jumped 32.2 percent, Thomson data showed. in January rose 8.6 percent, buoyed by strong shipments to as well as Taiwan and South Korea.

In February, shipments to soared 65.1 percent from a year earlier, while to Europe rebounded, up 28.7 percent, and to the United States grew 1.4 percent.

Singapore's has been on the ropes in the last two years with growth slipping to a seven-year low of 1.8 percent in 2016, as slowed amid sluggish global growth.

Most analysts now expect Singapore's central bank to keep monetary policy unchanged at its next policy review in April, after and factory activity picked up momentum from late last year.

(Additional reporting by Masayuki Kitano; Editing by Jacqueline Wong)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22