SINGAPORE (Reuters) - Singapore’s exports in March are expected to extend a surge seen in the previous month, a Reuters poll found on Thursday, supported by a broad recovery in global trade.
Non-oil domestic exports were seen rising 10.4 percent year-on-year last month, a median forecast of 10 economists showed.
Singapore has been among a number of export-reliant regional economies to benefit from a general uptick in global demand in recent months, with the city state particularly enjoying strong sales of its tech products.
“We see this trade recovery in the region as well as globally continuing, particularly for the electronics segment. We are seeing a global turnaround in the global IT cycle, and that would continue to lend support exports of electronics, particularly semiconductors”, said ANZ economist Weiwen Ng.
The positive impulse saw exports growth in February hit their strongest in 5 years, with a sharp jump in shipments to China.
Still, some analysts are more circumspect about the outlook and point to a low base from a year ago for the sizable jump in recent shipments.
Indeed, on a month-on-month and seasonally adjusted basis, however, non-oil domestic exports were seen down 6.4 percent, the poll found.
“The numbers we saw end of last year and beginning of this year are exaggerated,” said Mizuho Bank senior economist Vishnu Varathan.
“From here on it is going to struggle to stay in the double digit region. It is going to converge to a mid single digit growth,” Varathan added.
Earlier on Thursday, Singapore’s central bank held its policy steady and warned of risks to the global outlook despite acknowledging a recent improvements in exports and broad economic growth momentum.
Reporting by Fathin Ungku; Editing by Shri Navaratnam