Exports Rise Again In Jan

January export data hitting the wires

• Non-oil domestic exports 12.8% Y/Y (est. 5.2%, prev. 6.8%)
• Electronics exports 13.5% Y/Y (prev. 13.7%)
• Pharmaceuticals -0.8% Y/Y; petrochemicals 10.1% Y/Y
• The headline figure at 12.8% is the fastest rise in seven months, but some of this is attributed to a low base effects.
• In its annual trade performance review on Monday, Enterprise Singapore said non-oil domestic exports expanded 4.3% in 2020, reversing the 9.2% decline recorded in 2019. Enterprise Singapore upgraded its overall merchandise trade forecast to 2% - 4%, up from the 1% - 3 % tipped in November. The upgrade was on the back of higher expected oil prices which could support oil and total trade. But it left its non-oil domestic exports forecast unchanged at between 0% -2% expansion, noting continued risks and uncertainties in the global economy.