SINGAPORE: Singapore's non-oil domestic exports (NODX) rebounded4.9 per cent year-on-year in February, following a sharp drop the previous month, data from trade agency Enterprise Singapore showed on Monday.
The February reading beat economists' expectations, and is a sharp recovery from January when NODX contracted 10.1 per cent year-on-year, its biggest fall in more than two years, report agencies."This was the first positive year-on-year print after three consecutive declines, but this was largely attributable to a low base last year due to the timing of the Chinese New Year festive season," noted Ms Selena Ling, head of treasury research and strategy at OCBC Bank.
Electronic exports remained in contractionary territory as it decreased by 8 per cent year-on-year, albeit an improvement from January's easing -15.9 per cent print.
Disk media products, PCs and diodes and transistors contracted by 42.2 per cent, 28.9 per cent and 29.6 per cent respectively, contributing the most to the decrease in electronic NODX.
Non-electronic products grew by 9.4 per cent year-on-year in February, after January's 7.9 per cent decline.
Overall, exports to Singapore's top 10 markets increased in February except for Japan, South Korea, the European Union and Indonesia.
The largest contributors to the NODX growth were China (34.4 per cent), Hong Kong (41.9 per cent) and the US (6.6 per cent).