Singapore’s December non-oil exports are broadly in line with consensus, with the strong rebound from the previous month signaling continued robust growth, says David Cohen of Action Economics after government data show seasonally-adjusted exports up 8.9% on-month after falling 13% on-month in November. 

“The general sense is that global demand finished last year on a solid footing after a soft patch in the middle of the year. Global demand remains healthy as we start the new year. The global economic recovery is continuing and that should benefit Singapore,” Cohen says. 

 

Measured on year, Singapore export growth slows to 9.4% in December compared with November’s 9.9% rise. The result is also less than the 10.5% growth forecast in a Dow Jones poll of 10 economists, due to a decline in electronics, computer hardware and pharmaceuticals shipments. 

 

The key electronics sector’s exports are down 1.1% on-year in December compared with a 10.8% rise in November, the data show.