SINGAPORE: Singapore’s non-oil domestic exports fell unexpectedly by 0.1% in February from the same month a year earlier, slowing during the Lunar New Year period, official data showed on Monday.
Last month’s decline compared to a Reuters poll forecast of 4.7% growth in February and 16.7% growth seen for January.
Singapore had previously estimated growth of 16.8% in January.
On a seasonally adjusted monthly basis, non-oil domestic exports dropped 4.8% versus analysts’ estimate of a drop of 0.4%.
Enterprise Singapore in a statement said exports declined “mainly due to non-electronics like food preparations, speciality chemicals and electrical circuit apparatus”.
Export refinance: tough times bring efficiency gain
Meanwhile, electronics grew and the largest contributing markets to growth were Hong Kong, the United States and Indonesia, it said.
February’s non-oil domestic exports were valued at S$14.2 billion ($10.61 billion) on a seasonally adjusted basis.
Comments
Comments are closed for this article.