SINGAPORE - Singapore’s non-oil domestic exports increased at the fastest pace in five years in February, adding to signs of a recovery in the trade-dependent economy.
Non-oil domestic exports rose 21.5% in February from a year ago, International Enterprise Singapore said in a report. The median estimate of 18 economists surveyed by Bloomberg was a 12.5% increase
Electronics exports increased 17.2% in the period, also beating forecasts, after a 6.1% gain in January
Non-oil exports rose 1.4%, compared with a median forecast for a 0.1% contraction.
The surge in exports adds to signs of recovery after a 2.8% contraction in shipments in 2016. A pickup in demand from China and better prospects for developed economies are boosting the outlook for the industry. Economists have revised higher their projections for exports and economic growth this year, forecasting 2.3% expansion.
The domestic economy is still under pressure though, with weak jobs growth and wage pressures restrained, the central bank said on March 8.
The Monetary Authority of Singapore, which uses the currency rather than interest rates as its main policy tool, will probably keep its stance unchanged at its next meeting in April after easing last year.