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SINGAPORE - Singapore's key exports rebounded in March on robust shipments of pharmaceuticals which offset continued weakness in electronics, the government said Tuesday.
Last month's non-oil domestic exports (NODX), valued at 15.22 billion Singapore dollars (10.08 billion US), rose 1.6 percent over the same period last year, International Enterprise Singapore (IE Singapore) said.
The increase marked a recovery from February's 6.6 percent decline, the government trade promotion body said.
On a month-on-month seasonally adjusted basis, NODX advanced 15 percent to reverse the previous month's 11 percent contraction, it said.
The increase in March NODX was at the lower end of analysts' forecasts, which ranged between 1.3 and 8.4 percent.
Total trade rose 3.0 percent to 71.10 billion dollars after shrinking 7.0 percent in February as exports and imports recovered, IE Singapore said.
Shipment of electronics products, Singapore's main exports, continued to be hobbled by weak global demand, falling 17.7 percent in March after a 17 percent decline in February.
Integrated circuits, disk drives, telecommunications equipment and consumer electronics showed hefty falls, IE Singapore said.
However, the decline was offset by growth in pharmaceuticals and petrochemicals, among other sectors.
"The surge in non-electronic NODX in March was led mainly by increased domestic exports of pharmaceuticals, ships and boats, petrochemicals and printing bookbinding machinery," IE Singapore said.
Pharmaceuticals soared 72.3 percent in March from 0.8 percent growth in February. Petrochemicals grew 14.1 percent from a 7.1 percent contraction, IE Singapore said.
Singapore has become a major manufacturing centre for pharmaceutical ingredients as the city-state diversifies from a dependence on electronics.
But the pharmaceutical sector's performance is volatile. Plants can be closed for long periods for cleaning before a new product mix is introduced.
David Cohen, a regional economist with research house Action Economics, said the March trade figures were within expectations.
"It showed that the rebound from the weak February figure is consistent with the sense that exports remain on an upward trajectory supported by continued growth in global demand," he said.
Cohen maintained his estimate that the economy will grow 5.7 percent this year. He said electronics is expected to pick up beginning in the middle of the year.
"I think the general tone from the industry is that things will be picking up gradually in electronics as well," he said.
Alvin Liew, an economist with United Overseas Bank, said he had expected a contraction of March NODX, not an expansion.
Liew said he expects an increase in the need for flash memory cards used in consumer electronics products to boost demand for electronics goods by the end of the second quarter.
Increased demand for Microsoft's Windows Vista operating system, which requires bigger memory, should prompt users to upgrade their computers, further fuelling demand for processors and data storage devices, Liew said.
He maintained his forecast for full-year gross domestic product (GDP), the value of all goods and services produced in the country, to grow at 5.2 percent, which is within the government's 4.5-6.5 percent target.
"We would like to see more firm improvements in the NODX in the next few months before we do any GDP review for the year," he said. - AFP/so/ir
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