The exports of Singapore have seen growth in double digits in the first quarter of the year, backed by shipments of both electronic and non-electronic products.
Singapore’s non-oil domestic exports (NODX) rose by 15.2 per cent in the first quarter of 2017, extending the previous quarter's 2.7 per cent growth.
In a statement released today, International Enterprise, said, “The global economic and trade outlook has improved since early 2017, notwithstanding uncertainties surrounding near-term economic and policy developments.”
IE Singapore also raised its 2017 NODX growth projection to between 4 per cent and 6 per cent, up from the earlier forecast of 0 to 2 per cent.
The data revealed on Thursday showed that domestic exports of electronic products increased by 9 per cent in the first quarter of 2017, following the 1 per cent growth in last quarter of 2016. The largest contributors of electronic products comprised of integrated circuits, parts of Personal Computers and disk media products.
In addition to this, domestic exports of non-electronic products also increased. It rose by 17.8 per cent for the first quarter, following the 3.5 per cent growth in the fourth quarter last year. The largest contributors to the rise were specialised machinery, petrochemicals and non-monetary gold.
In the shipments of non-electronic products, Singapore's exports to all top ten top markets rose in the first quarter except for the European Union. China, Taiwan and South Korea were the biggest contributors to the rise in exports.