SINGAPORE: Singapore’s non-oil domestic exports (Nodx) extended their growth streak for the fourth consecutive month, with 21.5 percent expansion year-on-year in February 2017.
Leading the expansion was the increase in electronic and non-electronic exports in all top 10 markets led by China, the 28 countries of European Union and Taiwan, according to data released by IE Singapore.
“The strong numbers are helped by a favourable base effect in the preceding year, when Lunar New Year was in February,” said Ng Weiwen, an Asean economist with ANZ Research.
Looking ahead, Ng said, a meaningful sustained pick up in the US economic activity, buoyed by a reflationary fiscal policy under a Trump administration, will be a boon for Singapore through increased demand for Singapore exports.
Total trade rose 22.1 percent in February over the year, support by both export and import growth, but a decline was recorded on a seasonally adjusted basis in total trade, as imports fell after four consecutive months of growth.
Total trade declined on by 3.9 percent on a month-on-month, seasonally adjusted basis, compared to 2.2 percent growth in January.
