Singapore’s exports unexpectedly rise 2.1% in February

According to data released by International Enterprise (IE) Singapore, the country’s non-oil domestic exports (NODX) unexpectedly rose in February, increasing by 2.1% on the year compared with economists’ expectations calling for a decrease of 2.6% in a survey by Reuters. In January, the country’s exports slumped 10.1% on the year, posting the third consecutive monthly decrease.

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.