Singapore's exports rose the most in 2-1/2 years in October, well over double expectations as surging sales to China helped more than recoup a decline the month before in a boost to the trade-dependent economy. The affluent city state has benefited this year from an upturn in global demand, stoking a welcome recovery in its manufacturing sector after a prolonged period of sluggishness.
Non-oil domestic exports (NDOX) last month jumped 20.9 percent year-on-year, data from the trade agency International Enterprise Singapore showed on Friday, blowing past the 10.0 percent increase predicted by economists in a Reuters poll.
It was the biggest rise since March 2015, with annual shipments to China - Singapore's largest export market - soaring 53.3 percent in October versus a 9.5 percent rise the month before. The better-than-expected figures reinforced analysts' views that September's poor result was a one-off. Exports had unexpectedly contracted 1.1 percent in September as electronics sales fell for first time in almost a year. "The September numbers were a bit of a blip," said Nomura economist Brian Tan, though he was somewhat cautious about the outlook for electronics sales.
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