Singapore's November exports rise 11.6% y/y, stronger than expected
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A container ship arrives in a port in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside
SINGAPORE, Dec 17 (Reuters) - Singapore's non-oil domestic exports rose by 11.6% in November from the same month a year earlier, government data showed on Wednesday, led primarily by pharmaceuticals and supported by electronic products, such as integrated circuits and PCs.
The export growth compared with a Reuters poll forecast of a 7.0% increase, and followed a revised rise of 21.7% in October.
Among key markets, exports to the U.S., European Union and Taiwan rose strongly, while shipments to Thailand and Japan were markedly lower than a year earlier, Enterprise Singapore said.
In November, Enterprise Singapore narrowed its 2025 non-oil domestic exports growth forecast to "around 2.5%" from growth of 1% to 3%, as it expected robust AI-related demand and high gold prices to provide some support to shipments in the fourth quarter.
The Trade Ministry expects GDP growth to be "around 4.0%" this year.
(Reporting by Jun Yuan Yong; Editing by John Mair)
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