March 17, 2020 / 12:31 AM / 16 days ago

Singapore's Feb exports rise 3% y/y, beat forecasts

SINGAPORE, March 17 (Reuters) - Singapore’s exports rose unexpectedly on a year-on-year basis in February due to an increase in shipments of electronics and sepcialised machinery, official data showed on Tuesday.

Non-oil domestic exports from the city-state grew 3% year-on-year, data from trade agency Enterprise Singapore showed, following a 3.3% drop in January.

This was better than the 7.8% decline predicted by economists in a Reuters poll.

On a seasonally adjusted month-on-month basis, exports fell 4.8% in February after a 4.5% rise in the prior month. The poll had called for a -3.8% contraction from the month before.

Electronic exports increased by 2.5% in February, after a 13.0% contraction in the previous month. Shipments of specialised machinery spiked 74.1% from a low base last year. (Reporting by Aradhana Aravindan in Singapore; Editing by Himani Sarkar)

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