S'pore key exports recover in May with 3.7pc rise

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SINGAPORE, June 18 (AFP): Singapore's key exports recovered in May to grow 3.7 per cent from last year after declining in the previous month, boosted by a hefty jump in pharmaceuticals shipments, the government said today.
On a month-on-month seasonally adjusted basis, Singapore's non-oil domestic exports (NODX), valued at 13.9 billion Singapore dollars (9.02 billion US), was up 1.4 per cent, the trade promotion body International Enterprise Singapore said.
Analysts had predicted NODX would increase an annual 1.7-8.0 per cent for the month.
Total trade fell 0.3 per cent year-on-year to 68.02 billion dollars, reversing the 8.1 per cent jump recorded in the previous month.
Strong growth of 21.7 per cent in non-electronics shipments, particularly in pharmaceuticals, lifted Singapore's NODX as electronics exports fell for the fourth month in a row with a sharp 16.1 per cent decline.
Pharmaceuticals exports, worth 2.1 billion dollars, accelerated 76.1 per cent last month, the trade promotion agency said.
It said growth of non-electronic NODX had offset the "sustained decline" in electronics.
"The stronger growth of non-electronic NODX was driven by higher domestic exports of pharmaceuticals, disk media products, printing bookbinding machinery and petrochemicals," it said.
Shipment of electronics products, valued at 5.34 billion dollars, fell across the board with the sharpest drop recorded in telecoms equipment where exports declined 42.5 per cent to 335.5 million dollars.