Singapore’s non-oil exports rebounded strong in December, smashing consensus expectations. Economists told CNBC this jump could help propel the economy’s recovery this year.
Non-oil domestic exports (Nodx), which include sectors such as electronics and pharmaceuticals, were up 6 percent in December from a year earlier, a sharp rebound on the 8.9 percent contraction in the previous month, and well above consensus expectations for a 1.7 percent rise.
A strong increase in shipments of non-electronic products drove the rally, offsetting a 3 percent decline in electronic shipments, although this was an improvement on the previous months’ 8.9 percent decline. The opening of a new petrochemicals plant by ExxonMobil in Singapore was also seen by analysts as a key driver of the uptick.