Singapore’s exports grew at the slowest pace in a year in November as manufacturers shipped fewer electronics and pharmaceutical goods abroad.

Non-oil domestic exports climbed 10% from a year earlier, after a 34.5% gain in October, the trade promotion agency said in a statement in Singapore today. The median forecast of 11 economists surveyed by Bloomberg News was for an increase of 21.5%.

Overseas demand for goods by Asian manufacturers such as Singapore-based Hi-P International, whose customers include BlackBerry maker Research in Motion, may cool as the global recovery slows. Singapore’s dependence on overseas trade, with non-oil exports equivalent to more than half of gross domestic product, makes it vulnerable to swings in the global economy.

“The momentum will slow and even look anemic for some months as the export recovery likely already reached a peak with the inventory restocking mostly completed in 2010,” Alvin Liew, a Singapore-based economist at Standard Chartered Plc, said before the report. The “pharmaceutical segment remains the wildcard, magnifying the peaks and troughs for Singapore’s export performance.”

Electronics shipments by companies including Venture Corp., Singapore’s biggest publicly traded electronics contract manufacturer, climbed 10.8% in November from a year earlier to $5.1 billion, after a 34% gain the previous month.

Non-electronics shipments, which include petrochemicals and pharmaceuticals, gained 9.5%. Pharmaceutical shipments fell 34.2% after climbing 26.2% in October.

The performance of Singapore’s pharmaceutical industry is volatile as production swings by companies such as Sanofi- Aventis SA can cause industrial output to fluctuate from month to month. Drug companies sometimes shut plants for cleaning before making different products.

Singapore’s non-oil exports fell a seasonally adjusted 12.9% last month from October, when they gained 5.8%, today’s report showed.