SINGAPORE- Singapore’s non-oil domestic exports fell unexpectedly by 0.1 percent 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 percent growth in February and 16.7 percent growth seen for January. Singapore had previously estimated growth of 16.8 percent in January.
On a seasonally adjusted monthly basis, non-oil domestic exports dropped 4.8 percent versus analysts’ estimate of a drop of 0.4 percent.
Enterprise Singapore in a statement said exports declined “mainly due to non-electronics like food preparations, speciality chemicals and electrical circuit apparatus”.
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.
Singapore’s non-oil domestic exports grew 16.8 percent in January from the same month a year earlier, official data showed, aided by growth in both electronic and non-electronic products.
Last January’s increase compared with a Reuters poll forecast of 5.4 percent growth, reversing the 1.5 percent contraction seen in December.
In a press release, Entreprise Singapore said the expansion came from “the low base a year ago”.
Non-oil domestic exports amounted to S$13.3 billion ($9.88 billion) in January last year, compared to S$15.5 billion last month.
The expansion continued the growth seen in November, when non-oil domestic exports grew 1 percent after falling for 13 consecutive months.
