Singapore’s exports unexpectedly rise 2.1% in February
The unexpected increase was driven by higher exports for pharmaceuticals, which jumped around 40% on the year in February. Singapore’s electronic exports climbed 0.7% on the year while non-electronics exports rose 2.7% from a year earlier.
Some economists commented that despite the surprise uptick in exports, Singapore’s trade outlook is still weak due to stagnant demand from overseas markets, especially from its largest export destination, China. The latest data showed that Singapore’s shipments to China fell 1.2% on the year in February following a drop of 25.2% in January.
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