BY BING HONG LOK
SINGAPORE- Singapore’s non-oil domestic exports rose 7.6 percent in February from the same month a year earlier, government data showed on Monday, boosted by a growth in both electronics and non-electronics sales.
The increase compared with a Reuters poll forecast of a rise of 8.7 percent and followed a 2.1 percent fall in January.
Details of the month-on-month seasonally adjusted change in exports were not included in Enterprise Singapore’s statement.
Shipments to the US, Taiwan, South Korea, Malaysia and the European Union increased in annual terms in February, while exports to China, Hong Kong and Indonesia declined.
Singapore’s economy grew faster than expected into the end of 2024 but the government maintained its forecast for slower growth this year and warned of some risks from global trade frictions.
The city-state’s economy grew 5.0 percent in the fourth quarter from a year earlier, higher than both an official advance estimate of 4.3 percent and economists’ forecast of 4.7 percent growth.
Full-year growth accelerated to 4.4 percent in 2024 from a revised 1.8 percent in 2023.
The trade ministry maintained its gross domestic product growth forecast for 2025 at 1.0 percent to 3.0 percent, and said the external demand outlook for 2025 remained broadly unchanged, although there were risks.
The trade ministry’s chief economist told a press conference that while Singapore was not a target of US tariffs, there could be more significant indirect impacts.
Last month, the Monetary Authority of Singapore loosened policy settings, saying it expected inflation and growth to be slower than initially forecast for this year.
Annual core inflation eased to a three-year low of 1.8 percent in December.
At its January policy review, the central bank said GDP was expected to grow “at a slower pace” of 1 percent to 3 percent in 2025, and reduced its core inflation forecast for this year to 1.0 percent to 2.0 percent from 1.5 percent to 2.5 percent previously.
