Singapore exports up 1.1% in Q1 as total trade expands
A general view of Tanjong Pagar container port terminal in Singapore. (Photo: Roslan RAHMAN / AFP)
SINGAPORE: Non-oil domestic exports in Singapore grew 1.1 per cent in the first quarter of 2018, slowing from 10.4 per cent in the previous quarter, according to data released by Enterprise Singapore on Thursday (May 24).
Exports of non-electronic products rose by 4.5 per cent over the year in Q1, following the 14.4 per cent growth in the fourth quarter of 2017."The largest contributors to the increase in non-electronic exports were food preparations (136.7 per cent), non-electric engines and motors (184.5 per cent) and specialised machinery (10.9 per cent)," Enterprise Singapore said.
Meanwhile, electronic exports declined by 7.9 per cent, on a year-on-year basis, after five quarters of growth. "Integrated circuit parts of PCs and diodes & transistors declined by 9.8 per cent, 43.9 per cent and 16.8 per cent respectively, and they contributed the most to the decrease in electronic non-oil domestic exports," Enterprise Singapore said. Overall, the growth for Singapore’s exports is expected to remain firm in 2018 but ease from 2017’s strong performance, the agency said, with projections maintained at 1.0 per cent to 3.0 per cent.TOTAL MERCHANDISE TRADE GREW FOR SIXTH CONSECUTIVE QUARTER
On a year-on-year basis, Singapore’s total merchandise trade grew by 2.5 per cent for the first three months of 2018, following the 7.8 per cent increase in the previous quarter, as both oil and non-oil trade rose.Oil trade increased by 5.1 per cent in Q1 amid higher oil prices than a year ago, after the 27.7 per cent growth in the previous quarter. Non-oil trade rose by 1.9 per cent in the first quarter, following the previous quarter’s 3.6 per cent increase.On Thursday, the Ministry of Trade and Industry slashed the lower end of its annual growth forecast as data showed the economy growing faster-than-expected in first three months of 2018.MTI said it now expects gross domestic product growth for 2018 to come in at 2.5 per cent to 3.5 per cent.
Source : http://www.channelnewsasia.com/news/singapore/singapore-exports-up-1-1-in-q1-as-total-trade-expands-10272434