[SINGAPORE] Singapore’s non-oil domestic exports in August likely rose for a fourth straight month from a year earlier, buoyed by continued strength in global demand for electronics, a Reuters poll found on Friday.
Shipments in August were expected to have risen 11.8 per cent from a year earlier, accelerating from the pace in July, according to the median forecast of 10 economists.
Exports increased 8.5 per cent from a year earlier in July.
On a month-on-month and seasonally adjusted basis, shipments were seen up 3.1 per cent, after falling 2.5 per cent in July.
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Singapore and other Asian economies that are highly dependent on trade have gained a big boost this year from an improvement in global demand, particularly for electronics products and components such as semiconductors.
ANZ economist Weiwen Ng said that Singapore’s factory activity in August, which expanded at the fastest pace in nearly three years, pointed to continued growth in electronics exports.
“It suggests that the tech cycle still has legs,” Mr Ng said.
While there were worries that Singapore was overly dependent on electronic exports, the economy grew faster than initially estimated in the second quarter with a rebound in services, suggesting a broader and more balanced recovery after a stumble early in 2017.
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