16 March 2012 07:55 [Source: ICIS news]
SINGAPORE (ICIS)--Singapore’s chemical exports rose by 21.4% year on year to Singapore dollars (S$) 4.74bn ($3.76bn) in February 2012, following strong growth in overall non-oil domestic exports (NODX), Singapore’s trade promotion agency said on Friday.
Overseas shipments of petrochemicals in February slipped by 5% year on year to S$1.14bn, while exports of pharmaceutical products in the same month surged by 44.5% to $2.41bn, according to International Enterprise (IE) Singapore in its monthly report.
The expansion in February’s NODX was buoyed by the surge in overseas shipments of both electronic and non-electronic products, according to the report.
Electronic NODX increased by 23% year on year in February, while non-electronic NODX for the month rose by 34%, IE Singapore said.
“What’s driving the rebound is largely technical,” said Singapore-based DBS Group Research in a note.
“After a seasonal decline due to the Lunar New Year in January, it is reasonable to assume a technical pick-up in February. But frankly, the underlying story on the export front hasn’t changed much, that the sluggish global demand has not improved significantly over the past month,” it said.
Lingering worries over the state of the global economy continued to depress consumer demand and investment sentiment, which consequently weighed down on export performance in February, DBS Group Research said.
“Nonetheless, a pickup in export performance could be in sight,” it added.
Apart from a possible cyclical surge in pharmaceutical export sales, the key electronics segment could be improving soon, according to the note.
The country’s NODX to emerging markets rose by 29% year on year in February largely because exports to
Total trade rose by 25.8% year on year to S$85bn in February, with overall exports up by 25.2% at S$45.3bn, the agency said.
Overall imports rose by 26.5% year on year to S$39.7bn in February, it added.
($1 = S$1.26)
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