Singapore’s Exports Rose in May on Sales of Electronics
Singapore’s export growth quickened in May as shipments of electronics and pharmaceuticals increased.
Non-oil domestic exports climbed 3.2 percent from a year earlier, after a revised 1.7 percent gain in April, the trade promotion agency said in a statement today. The median of seven estimates in a Bloomberg News survey was for a 3 percent gain.
Growth in overseas shipments may be tempered in coming months as purchasing managers’ indexes in export-dependent Asian economies including China and South Korea signal manufacturing is still slowing, forcing officials to evaluate whether to add stimulus to spur growth. Policy makers across the globe are girding for a deeper impact from Europe’s debt woes, with China and Australia lowering interest rates last week.
“We continue to expect a pickup in activity in the U.S. and China in the second half, which would bode well for Singapore’s exports and production,” Vincent Conti, a Singapore-based analyst at Australia & New Zealand Banking Group Ltd., said before the release. “The policy easing in China will help that process along.”
Singapore’s electronics shipments by companies such as Venture Corp. rose 3.9 percent in May from a year earlier, after climbing 1 percent the previous month.
Non-electronics shipments, which include petrochemicals and pharmaceuticals, climbed 2.8 percent. Petrochemicals exports increased 6.8 percent, while pharmaceutical shipments grew 0.3 percent after dropping a revised 7.1 percent in April.
Singapore’s non-oil exports slid a seasonally adjusted 2.1 percent last month from April, when they rose a revised 6.4 percent, today’s report showed.
To contact the reporters on this story: Sharon Chen in Singapore at schen462@bloomberg.net; Sarina Yoo in Seoul at kyoo3@bloomberg.net
To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net
May 17 (Bloomberg) -- Selena Ling, head of treasury research at Oversea-Chinese Banking Corp. in Singapore, talks about Singapore's economic growth and the outlook for the nation's currency. Singapore's gross domestic product rose an annualized 10 percent in the three months through March 31 from the previous quarter, more than an initial estimate of 9.9 percent growth, the Trade Ministry said today. Ling speaks with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)
April 13 (Bloomberg) -- Tai Hui, head of Southeast Asian economics at Standard Chartered Plc in Singapore, talks about the outlook for the nation's economy. Singapore’s economic growth rebounded last quarter, prompting the central bank to unexpectedly tighten monetary policy by allowing faster gains in its currency to contain inflation. Hui speaks with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)
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