Singapore exports unexpectedly rose on pharmaceutical shipments

Singapore’s exports unexpectedly rose in December as pharmaceutical shipments surged, countering a drop in sales of electronics goods, reported Bloomberg.

Non-oil domestic exports climbed 9% from a year earlier, after a revised 1.4% increase in November, the island’s trade promotion agency said in a statement today. The median of 14 estimates in a Bloomberg News survey was for a 1.2% decline.

“The export sector is facing tremendous headwinds as the malaise in Europe and the slow recovery in the U.S. are taking a toll on global demand,” Irvin Seah, an economist at DBS Group Holdings in Singapore, said before the report. “Asia is also feeling the chill, with China and key markets expected to report slower growth. The odds are stacking up against Singapore’s export performance.”