Singapore non-oil exports are likely to remain volatile, but the full-year government target of 8%-10% growth can be achieved, CIMB economist Song Seng Wun tells Dow Jones after government data show February exports slowed to +7.8% on year from +20.7% in January as shipments of key electronics products declined.
“To some extent, this is because of the Chinese New Year holidays and we should read the cumulative numbers, which are not too bad. The beginning of the year is typically a slower period and the Japanese earthquake may increase volatility in the second quarter because of supply disruptions in the electronics industry,” Song says.
Data show electronics exports down 12.8% on year in February from +5.8% in January, while non-electronics shipments are +19.7%, slowing from +30.3% in January.
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