The exports are on a rise in Singapore at the start of the year as there was surge in shipments to China, Taiwan and South Korea during January, 2017. However, there was lacklustre performance in 2016 as the exports fell by 2.8 per cent.
This has been revealed through the figures of Trade agency International Enterprise (IE), Singapore. Non-oil domestic exports (NODX) rose 8.6 per cent in January, extending the growth in the preceding two months, due to an increase in shipments of both electronic and non-electronic products.
International Enterprise said, “The global economic outlook has improved and activities are expected to pick up in 2017, especially in developing economies. Stronger activities are also expected of advanced economies by the IMF in the latest January 2017 World Economic Outlook (WEO) Update.”
IE has also predicted that growth for exports this year will be between 0 and 2 per cent.
Last year, electronics exports shrank 4 per cent, compared to the 0.5 per cent growth in 2015, due to a decline in the export of personal computers, personal computer parts and disk drives.
Non-electronic exports declined by 2.3 per cent, compared to the 1.9 per cent growth in the previous year.