Singapore’s export growth quickened in May as shipments of electronics and pharmaceuticals increased.
Non-oil domestic exports climbed 3.2 percent from a year earlier, after a revised 1.7 percent gain in April, the trade promotion agency said in a statement today. The median of seven estimates in a Bloomberg News survey was for a 3 percent gain.
Growth in overseas shipments may be tempered in coming months as purchasing managers’ indexes in export-dependent Asian economies including China and South Korea signal manufacturing is still slowing, forcing officials to evaluate whether to add stimulus to spur growth. Policy makers across the globe are girding for a deeper impact from Europe’s debt woes, with China and Australia lowering interest rates last week.
“We continue to expect a pickup in activity in the U.S. and China in the second half, which would bode well for Singapore’s exports and production,” Vincent Conti, a Singapore-based analyst at Australia & New Zealand Banking Group Ltd., said before the release. “The policy easing in China will help that process along.”
Singapore’s electronics shipments by companies such as Venture Corp. rose 3.9 percent in May from a year earlier, after climbing 1 percent the previous month.
Non-electronics shipments, which include petrochemicals and pharmaceuticals, climbed 2.8 percent. Petrochemicals exports increased 6.8 percent, while pharmaceutical shipments grew 0.3 percent after dropping a revised 7.1 percent in April.
Singapore’s non-oil exports slid a seasonally adjusted 2.1 percent last month from April, when they rose a revised 6.4 percent, today’s report showed.
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