Singapore’s exports staged a surprise recovery in December. (Photo: straitstimes.com)
Singapore (VNA) – Singapore’s exports staged a surprise recovery inDecember, snapping a nine-month decline thanks to a sharp rise inpharmaceutical shipments.
According to data from Enterprise Singapore, non-oil domestic exports from thecity state in December expanded 2.4 percent from a year earlier, significantlyabove the 1.8 decline predicted by economists in a Reuters poll and November’s5.9 percent drop.
The rise was driven by a 34.7 percent on-year rise in pharmaceutical shipments,although electronics contracted 21.3 percent after a 23.3 percent decline theprevious month.
On a seasonally adjusted month-on-month basis, exports also surprisingly expanded1.1 percent in December after growing 5.8 percent in November. The poll hadcalled for a 1.3 percent contraction from the month before.
Singapore’s economy expanded at its slowest pacein a decade last year, with the export-oriented nation hit hard by the tradewar between the United States and China and the cyclical downturn in theelectronics sector.
Some chipmakers have started expecting a recovery from the industry downturn,helped by a pick-up in smartphone demand.
Shipments of non-monetary gold also bolstered December’s rebound, up127.8 percent from a year earlier.
The city-state is a bigregional player in the gold trade, and exports can be affected by sharp swingsin value. Spot gold has in recent weeks risen to some of the highest levels since2013, according to Refinitiv data./.
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Singapore’s exports staged a surprise recovery in December. (Photo: straitstimes.com) 
