Singapore: Export value hits five-year record

16:50 | 20/03/2017 Global Economy

Singapore’s non-oil domestic export value in February expanded 21.5 percent from the same period last year and marked the fourth consecutive monthly increase since November, 2016.

Singapore port - Source: AFP/VNA

According to the International Enterprise (IE), it was the highest level in the past five years, driven by the strong export growth of both electronic and non-electronic commodities.

The IE data showed the export of electronic commodities posted a year-on-year increase of 17.2 percent, contributed by the 26.9 percent increase of disc products, integrated circuits (25.8 percent) and components of personal computers (19.7 percent).

The export of non-electronic products also increased 23.3 percent, following a 9.8 percent increase in January, fueled by increases in the export of specialised machines (111.8 percent), golden jewelry (104.3 percent) and petrochemical products (45.3 percent).

Singapore’s exports to 10 leading markets increased at a positive rate. Of which, the shipment to China upped 65.1 percent, followed by Taiwan (54 percent) and the European Union (28.7 percent).

The country’s economy is expected to grow at 2.3 percent in 2017, higher than the forecast level of 1.5 percent.

The city-state’s economic growth is projected to stand at 2.6 percent in the first quarter of 2017.

Theo VNA