Singapore's key exports grow strongly in February
(SINGAPORE) - Singapore said Wednesday that its key non-oil domestic exports (NODX) saw strong growth in February, bolstered by improved demand from the European Union and Asian markets.
The 23 percent jump to 11.9 billion Singapore dollars (8.52 billion US) was better than analysts' projections of a 18.4 percent rise and followed January's 20.5 percent increase.
"Singapore's heavy dependence on external demand will ensure that its economic performance remains highly correlated with the global economic recovery," said Alvin Liew, an economist with Standard Chartered Bank.
The International Enterprise Singapore (IE Singapore) said in its monthly report that NODX to the European Union grew an annual 35.3 percent in February, while shipments to Japan rose 33.9 percent and grew 38.9 percent to Hong Kong.
NODX to the country's top 10 markets, including the European Union, Japan and the US, all posted growth in February, the data from the trade promotion agency showed.
The city-state's economy, worth 257 billion Singapore dollars, is highly dependent on overseas demand, meaning it is vulnerable a global slowdown.
Singapore's NODX figures are widely monitored as they provide an indication of how the trade-led economy is performing.
The government in February upgraded its 2010 growth outlook to 4.5-6.5 percent from 3.0-5.0 percent amid signs the global economy was recovering from a slowdown.
Singapore's economy contracted 2.0 percent last year as the financial crisis struck world trade.
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