Singapore's Export Growth Decelerates in February

Deep News
Mar 17

Singapore's non-oil domestic exports rose for the sixth consecutive month in February, though the pace of expansion slowed due to weaker electronics shipments. Enterprise Singapore reported on Tuesday that exports for the trade-reliant economy increased by 4.0% compared to the same period last year. This growth rate was lower than the revised 9.2% expansion recorded in January and fell short of the median forecast of 5.9% from a survey of eight economists. Exports of electronics, a key growth driver, grew by 43.2% year-on-year in February, down from a 56.1% increase in January. Non-electronics exports declined by 6.9% in February, following a revised 3.1% drop in January. To account for the variable timing of the Lunar New Year holiday, the government agency noted that non-oil domestic exports for the first two months of the year combined showed a 6.7% increase. Singapore's trade outlook may face challenges from ongoing conflicts in the Middle East, which could disrupt supply chains and lead to a surge in energy prices.

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