Singapore’s exports growth picked up the annual pace in October (Photo: supplychainasia.org)
Singapore (VNA) – Singapore’sexports growth picked up the annual pace in October and handily beat forecasts,thanks to a continued surge in pharmaceutical shipments though the keyelectronics sector contracted again.
Non-oil domestic exports (NODX) from the city-state last month rose 8.3 percentyear-on-year, higher than the revised 8.1 percent growth the month before, accordingto official data released by the International Enterprise Singapore on November 16.
On a seasonally adjusted month-on-month basis, exports rose 4.2 percent inOctober, bouncing from the 4.4 percent contraction seen in September.
The exports growth came despite continued decline in electronics shipmentswhich shrank 3.5 percent last month from the year earlier, deepening a downturnfrom September's 1.3 percent contraction.
Pharmaceutical exports, however, surged 89.7 percent in October year-on-year,extending a sharp 67.5 percent jump seen in September.
Earlier, the Monetary Authority of Singapore (MAS) decided to further tightenthe monetary policy with a forecast that the country’s economy will maintainstable growth pace and inflation will be kept at a low rate. However, theauthority also warned of risks and impacts from trade wars in the coming year.
Recent data from the Singapore Ministry of Trade and Industry (MTI) indicatedthat the country’s economic growth in the third quarter of 2018 dropped to 2.6percent compared to the same period last year, lower than the expansion of 4.1percent of the previous quarter.-VNA
