Singapore's export growth in 2024 missed the mark, expanding by just 0.2% compared to the projected 1%. A stronger Singapore dollar and volatility in sectors like pharmaceuticals contributed to this shortfall. However, December witnessed a strong rebound with a 9% year-on-year increase, primarily driven by non-electronics sectors and robust demand for electronics products.
Singapore's export performance in 2024 fell short of expectations, expanding by only 0.2% for the full year. This figure is notably lower than the 1% growth forecast by Enterprise Singapore. Analysts attribute this underperformance to several factors, including the appreciation of the Singapore dollar, which has made exports more costly, and volatility experienced in specific sectors, such as pharmaceuticals.
Despite the overall subdued growth, December saw a significant rebound in export activity, surging by 9% year-on-year. This marked a substantial increase from the 3.4% growth observed in the previous month. The driving force behind this positive trend was primarily attributed to non-electronics sectors, including specialized machinery, food preparation, and non-monetary gold. Electronics exports also demonstrated robust growth, expanding by nearly 19%, fueled by strong demand for personal computers and disk media products.Nadirah Zaidi provides an in-depth report on Singapore's export performance, analyzing the factors contributing to both the sluggish growth and the December surge
EXPORT SINGAPORE ECONOMY SINGAPORE DOLLAR ELECTRONICS
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