Singapore's non-oil exports last month grew a stronger-than-expected 12 per cent from October, easing lingering fears that the city-state may suffer a double-dip recession.
International Enterprise Singapore (IES), a state agency that collates trade data, said yesterday that compared with November last year, non-oil domestic exports last month rose 19 per cent to S$8.9 billion (HK$39.45 billion).
Nizam Idris, an economist at consultancy IDEAglobal, said: 'It beats all expectations. Both electronics and non-electronics were strong - in double digits.'
A wire-service poll of private-sector forecasts had suggested a year-on-year expansion of 8.4 per cent. The modest rise had been expected after the re-opening of the United States west coast ports, which were closed in October due to a labour dispute.
Non-oil domestic export data are regarded as a key indicator of Singapore's economic health. The city-state has the highest ratio of trade to gross domestic product (GDP) in the world, and depends on overseas demand to fuel growth.
IES said that exports of electronics grew 10 per cent year-on-year, from 0.9 per cent growth in October. The sector accounts for 40 per cent of manufacturing activity, and about 60 per cent of non-oil exports.
