By Gaurav Raghuvanshi
SINGAPORE--Singapore's February exports rose faster than expected, as shipments of electronics and non-electronics goods rose.
Exports of goods made in Singapore rose 21.5% in February compared with a year earlier, after rising 8.6% in January, trade promotion agency International Enterprise Singapore said Friday.
The median estimate of six economists in a poll of economists by The Wall Street Journal was for February non-oil domestic exports to expand 15% from a year earlier.
Compared with the previous month, exports rose 1.4% in seasonally adjusted terms, after expanding 5.0% in January. Economists in the poll had projected a median 0.1% contraction in February.
The city-state's shipments to China, its biggest export destination, surged 65.1% in February from a year earlier, compared with a 36.9% year-over-year rise in the previous month, IE Singapore said.
Exports to the European Union rose 28.7% year-over-year, recovering from a 25.2% fall in January. Exports to the U.S. rose 1.4% after the previous month's 0.3% increase.
Electronics exports rose 17.2% from a year earlier, accelerating from a 6.1% gain in January, while non-electronics shipments grew 23.3%, compared with a 9.8% rise in the previous month.
In the non-electronics sector, highly volatile pharmaceutical exports fell 4.4%, after a 12.6% fall in the previous month. Exports of petrochemicals, however, surged 45.3% from a year earlier, after growing 37.1% in January.
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