SINGAPORE : Singapore's key exports recovered in May to grow 3.7
percent from last year after declining in the previous month, boosted
by a hefty jump in pharmaceuticals shipments, the government said
On a month-on-month seasonally adjusted basis, Singapore's non-oil
domestic exports (NODX), valued at 13.9 billion Singapore dollars (9.02
billion US), was up 1.4 percent, the trade promotion body International
Enterprise Singapore said.
Analysts had predicted NODX would increase an annual 1.7-8.0 percent for the month.
Total trade fell 0.3 percent year-on-year to 68.02 billion dollars,
reversing the 8.1 percent jump recorded in the previous month.
Strong growth of 21.7 percent in non-electronics shipments,
particularly in pharmaceuticals, lifted Singapore's NODX as electronics
exports fell for the fourth month in a row with a sharp 16.1 percent
Pharmaceuticals exports, worth 2.1 billion dollars, accelerated 76.1 percent last month, the trade promotion agency said.
It said growth of non-electronic NODX had offset the "sustained decline" in electronics.
"The stronger growth of non-electronic NODX was driven by higher
domestic exports of pharmaceuticals, disk media products, printing
bookbinding machinery and petrochemicals," it said.
Shipment of electronics products, valued at 5.34 billion dollars,
fell across the board with the sharpest drop recorded in telecoms
equipment where exports declined 42.5 percent to 335.5 million dollars.
Singapore's economy is heavily reliant on trade and the monthly
NODX figures are closely monitored to gauge the health of Southeast
Asia's most advanced economy.
The government last month revised upwards its 2007 economic growth
forecast after a strong 6.1 percent first quarter expansion. The
economy is now tipped to grow 5.0-7.0 percent this year instead of