A decline in the growth rate of Singapore’s exports isn’t worrying as it comes after the stronger-than-expected expansion last month while 2010 growth still looks to be robust, says CIMB economist Song Seng Wun; government data show November non-oil exports rise 10% on-year compared with 34.5% in October.

The number is less than half of the 22.8% expansion forecast in a Dow Jones poll of economists.

“If we look at the last two months’ numbers together, it’s still a decent end to the year. The pullback that we see is perhaps because manufacturers are winding down after a busy year. The moderation points to a return to more normal levels of growth,” Song says.