According to official data released on Friday (17 Jan), following nine months of contraction, Singapore’s exports made an unexpected rebound in December last year.

Economists have pointed out that the contraction in electronic exports yet continues and it remains to be seen if this recovery is a one-off event or that it is sustainable.

Data from the trade agency Enterprise Singapore showed that December’s year-on-year non-oil domestic exports increased by 2.4 per cent after the 5.9 per cent fall in November last year. This figure was above the forecast done by economists in a Reuters poll at 1.8 per cent decline.

The increase in pharmaceutical shipments by 34.7 per cent on-year contributed to December’s increase in non-oil domestic exports. This is despite the decline in electronics export by 21.3 per cent and 23.3 per cent in December and November respectively.

Sanjay Mathur, the chief economist for Southeast Asia at ANZ, an Australian multinational banking and financial services company headquartered in Melbourne, Australia, said that “It is imperative for a sustained improvement in exports that the electronics sector rebounds… Pharma will continue to be volatile and it is not an issue that is related to the business cycle per se. What is related to the business cycle is the electronics sector.”

Last year, the Singapore economy grew at its slowest pace ever in 10 years. This can be attributed to the lingering cyclical contraction in the electronic sectors as well as the ongoing US-China trade tension which has adverse effects on the trading activities of the country.

Due to the growing demand in the smartphone market, some chipmakers expect the industry downturn to not prolong and be on the path to recovery soon.

Exports also increased by 5.8 per cent in November followed by a 1.1 per cent expansion in December on a seasonally adjusted month-on-month basis. Based on the poll, December’s export increase was forecasted at 1.3 per cent.

The export rebound in December last year was also assisted by the shipments of non-monetary gold, which increased by 127.8 per cent from the year before.

Singapore is a big trader in the gold trade industry in the region. This means that exports is susceptible to the high volatile changes in value.

According to the data from Refinitiv,  the global provider of financial markets data and infrastructure, spot gold has in recent weeks climbed up to some of the highest levels ever recorded since 2013.


Notify of
Inline Feedbacks
View all comments
You May Also Like

Ex-RSAF Chief replaces ex-SAF Scholar Gan as new SBS Transit CEO after Gan resigns over marital affairs

SBS Transit announced that its current chief operating officer (COO) BG Cheng…


为了照顾到社会上有需要的一群,职总平价超市宣布于本月30日起,每周一开店后的首个小时,或24小时商店内的早上7时至8时,将只限于残疾人士、孕妇和建国一代进行购物。 早前曾有一些消费者出于对疫情恐慌,作出扫购囤货行为,职总超市日前就采取措施,限制了每名顾客的购买额。今日当局表示,为了照顾到每名客户的需求,因此为以上人士提供优先权,让他们能在指定的时间内安心购得所需物品。 职总超市在脸书发帖指出,年长者只需要出示建国一代卡,就能进入商店,而残疾人士和孕妇则可以在商店入口处告知有关身体状况后,获得员工放行入店。 帖文中,当局也鼓励客户继续尊属店内实施的社会疏离措施,并且购买所需物品,确保你我大家的安全。 消息传出后在短短四小时就获得将近600个反应,387人转发。 不少网民都对有关的措施表示赞成,然而他们认为还有许多需要注意的部分,包括部分年长者、孕妇和残疾人士都需要有家人陪同,才能比较安全购物,因此在有关时段是否允许家人进入店内;是否可以增加外送服务,让这三群体能够更方便购物;有关的时段过早,对于孕妇和兼职的残疾人士及老人家来说,并不适合。

【冠状病毒19】6月19日新增142例 一囚犯确诊

根据卫生部文告,截至本月19日中午12时,本地新增 142例冠状病毒19确诊。 新增病患大多为住宿舍工作准证持有者。今增一起社区病例,是一名持社交探访准证的囚犯。 据了解该囚犯是在边境管制落实之前就来到新加坡,6月6日入樟宜监狱,之后与其他囚犯分隔开来,但随后经检测确诊。 本地累计确诊病例已增至4万1615例。当局仍在搜集病例详情并将在晚些时候公布。

MAS has to urge banks to build up Singaporean core 7 years after Tharman’s call in 2013

After 30 of the 47 firms placed on a government watchlist for…