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.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015