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SINGAPORE: Feb.  Non-Oil Domestic Exports Miss Forecasts 

SINGAPORE
SingaporeEM BulletBulletAPACEmerging Market News

 

  • Singapore’s Non-Oil Domestic exports were up +7.6% y/y in February, missing expectations.
  • Following a -2.1% contraction in January, it was anticipated that the February numbers would see a bounce back from the Lunar New Year impacted month prior.
  • The market expected expansion of +9.7%, following January’s -2.1% contraction.
  • The main contributor to the miss was declines in exports to China and Hong Kong, likely reflecting lingering impacts of the holidays.
  • Electronic exports were up by +6.9% y/y topping SGD3bn, but down m/m
  • Consumer electronics were the biggest expansion, growing by +46.1% (from -16.9% the month prior).
  • Pharmaceutical exports declined -42.3% y/y, but were up m/m. 
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  • Singapore’s Non-Oil Domestic exports were up +7.6% y/y in February, missing expectations.
  • Following a -2.1% contraction in January, it was anticipated that the February numbers would see a bounce back from the Lunar New Year impacted month prior.
  • The market expected expansion of +9.7%, following January’s -2.1% contraction.
  • The main contributor to the miss was declines in exports to China and Hong Kong, likely reflecting lingering impacts of the holidays.
  • Electronic exports were up by +6.9% y/y topping SGD3bn, but down m/m
  • Consumer electronics were the biggest expansion, growing by +46.1% (from -16.9% the month prior).
  • Pharmaceutical exports declined -42.3% y/y, but were up m/m.