Singapore
Non-oil domestic exports (NODX) in Singapore rose 6 percent on-year in August, bucking a three-month decline streak, due to an increase in non-electronic exports which outweighed the decline in electronic exports, trade agency International Enterprise (IE) Singapore said. The rise in NODX comes after a 3.3 percent contraction in the previous month and a 4.6 per cent contraction in June.
Non-electronic exports expanded by 12.1 percent in August, in contrast to the 1.1 percent decline in the previous month, led by a jump in petrochemicals (+39.9 percent) and pharmaceuticals (+26.9 percent) shipments.
Electronics, the key sector which drives the Singapore exports, however, continued to drop with a 6.9 percent on-year contraction after easing 7.9 percent in the previous month. The decrease was largely due to parts of PCs (-17.3 percent), integrated circuits (ICs) (-4.2 percent) and disk drives (-22.5 percent).
Nonetheless, the overall data showed that Singapore's exports remained sluggish at best as sales to key markets slowed. On a year-on-year basis, NODX to all of the top 10 markets – except Hong Kong, Japan and Thailand – rose last month. The top three contributors to the rise were South Korea, Taiwan and China.
On a month-on-month seasonally adjusted basis, NODX grew 7.6 percent in August, sharply above the previous month’s 2.5 percent expansion, as both electronic and non-electronic exports increased.
Showing posts with label Singapore Economics. Show all posts
Showing posts with label Singapore Economics. Show all posts
Sep 18, 2014
Jan 19, 2013
Singapore Economics
● Singapore’s export performance remains lacklustre. It contracted
by 16% on the year, even worse than our own below consensus
expectation of -12%.
● The weakness in exports highlights some reasons for concern. The looming risk is that the country’s high nominal exchange rate, coupled with the increasing cost of doing business in the country will lead to a structural deterioration in the competitiveness of the country.
● The electronics sector continues to be soft, declining by 19% YoY. In 2012 as a whole, electronics exports contracted by around 4%, and in level terms, are more than 15% below that seen in 2010!
● Amidst a weak global economy, pharmaceutical exports grew by an impressive 10% in 2012, following an even better 19% gain in the previous year. We believe that the pharmaceutical sector will continue to outperform in 2013, which would likely support the headline export numbers at the margin.
Bad, as usual
Singapore’s export performance continued to be lacklustre. It contracted by
● The weakness in exports highlights some reasons for concern. The looming risk is that the country’s high nominal exchange rate, coupled with the increasing cost of doing business in the country will lead to a structural deterioration in the competitiveness of the country.
● The electronics sector continues to be soft, declining by 19% YoY. In 2012 as a whole, electronics exports contracted by around 4%, and in level terms, are more than 15% below that seen in 2010!
● Amidst a weak global economy, pharmaceutical exports grew by an impressive 10% in 2012, following an even better 19% gain in the previous year. We believe that the pharmaceutical sector will continue to outperform in 2013, which would likely support the headline export numbers at the margin.
Bad, as usual
Singapore’s export performance continued to be lacklustre. It contracted by
Sep 28, 2012
Economic and sector News
JTC Corporation (JTC) is launching three industrial sites for sale by tender on Sept 28. The sites are being offered through the confirmed list of the Industrial Government Land Sales Programme. The three plots on offer are at Serangoon North Avenue 5 and Tuas South Street 8. The tender closes at 11 am, Nov 23, 2012.(BT)
The Housing Development Board (HDB) is increasing new flat supply this year to 27,000 with the launch of 7,055 units under the joint Built-to-Order (BTO) and Sale of Balance Flats (SBF) programme. This is 2,000 units more than the 25,000 units originally planned for the year, and will help meet housing demand especially from first-time home buyers, said HDB. Seven BTO projects offering 3,727 flats in two non-mature towns (Choa Chu Kang and Woodlands) and three mature towns (Ang Mo Kio, Kallang Whampoa, and Tampines) were launched. First-timers will enjoy priority flat allocation, with at least 95 per cent and 85 per cent of the BTO flat supply - excluding Studio Apartments (SA) - set aside for them in mature towns and non-mature towns respectively. BT)
Dec 6, 2011
News Headlines
- PM Lee Hsien Loong said that layoffs in the unionised sector this year may at least be 20% higher than in 2010; while the retrenchment outlook for 2012 is also uncertain.
- ADB said that the open economies of Singapore and Hong Kong would be worst hit among all East Asian countries if the eurozone crisis results in a recession in Europe.
- Singapore has topped the charts for the best economy in the Asia- Pacific region to invest in, according to a survey by a Singapore-based political risk consultancy firm.
- Parkson Holdings Bhd has plans to enter new markets in South-east Asia to tap the region's growing affluence.
- Latest figures released by the US Treasury show that US investors increased their holdings of SGX-listed stocks by a net US$1.16b in 3Q11, versus US$990m in 2Q11.
- One of Sunpower Group's subsidiaries has secured a US$6.8m contract from CTCI Corporation.
- Cerebos Pacific said it would not be increasing its takeover offer price of NZ$2.50 for all the equity securities in New Zealand's Comvita Limited.
Nov 22, 2011
DMG share Singapore economy
DMG
As we expected, the Singapore economy expanded by 6.1% year-on-year (yoy), slightly higher than the advanced estimates of 5.9%, from a revised 1.0% in 2Q. On a seasonally-adjusted quarter-on-quarter (sa qoq) basis, real GDP rose by 1.9% as compared to the 6.4% decline in 2Q, thus avoiding a technical recession.
The better 3Q real GDP was due to the manufacturing sector expanding by a stronger 14.2% yoy (vs. 10% in the advance estimates), supported by the services sector growing 3.7% yoy in the same quarter. Continued strength in financial services (+10.5% yoy) and tourist-related services (hotels & restaurants: +5.6% yoy & other services: +4.0%) helped sustain the services sector. Construction rose marginally by 0.3% yoy, a moderation from 2Q's 1.5% expansion.
Looking ahead, MTI expects 4Q real GDP to weaken on the back of deteriorating external macroeconomic conditions with electronics manufacturing expected to remain a drag on the economy, while pharmaceuticals should moderate. In addition, global financial market uncertainties are likely to impact the domestic financial services sector, where a moderation in activity is expected.
MTI is thus expecting the economy to expand by around 5.0% in 2011, not significantly different from our forecast of 5.1%. In 2012, MTI expects the cloudy external environment to weigh on the domestic economy, and impact electronics manufacturing and the wholesale trade services sector. It will, however, not be all bad news as pharmaceutical manufacturing and tourism-related services are expected to perform healthily.
In light of these factors, the MTI is expecting the Singapore economy to expand by 1-3% in 2012, though it warns that growth could be lower should the economic and financial situation in the EU and the US worsen. As for inflation, MAS expects inflation to come in at 2.5- 3.5% in 2012 (as compared with our forecast of 2.8%).
We are currently reviewing our 2012 forecast and will issue an update after Singapore's Oct IPI data is released on Friday (25 Nov). At the moment, we are expecting real GDP to grow by 4.5% in 2012.
As we expected, the Singapore economy expanded by 6.1% year-on-year (yoy), slightly higher than the advanced estimates of 5.9%, from a revised 1.0% in 2Q. On a seasonally-adjusted quarter-on-quarter (sa qoq) basis, real GDP rose by 1.9% as compared to the 6.4% decline in 2Q, thus avoiding a technical recession.
The better 3Q real GDP was due to the manufacturing sector expanding by a stronger 14.2% yoy (vs. 10% in the advance estimates), supported by the services sector growing 3.7% yoy in the same quarter. Continued strength in financial services (+10.5% yoy) and tourist-related services (hotels & restaurants: +5.6% yoy & other services: +4.0%) helped sustain the services sector. Construction rose marginally by 0.3% yoy, a moderation from 2Q's 1.5% expansion.
Looking ahead, MTI expects 4Q real GDP to weaken on the back of deteriorating external macroeconomic conditions with electronics manufacturing expected to remain a drag on the economy, while pharmaceuticals should moderate. In addition, global financial market uncertainties are likely to impact the domestic financial services sector, where a moderation in activity is expected.
MTI is thus expecting the economy to expand by around 5.0% in 2011, not significantly different from our forecast of 5.1%. In 2012, MTI expects the cloudy external environment to weigh on the domestic economy, and impact electronics manufacturing and the wholesale trade services sector. It will, however, not be all bad news as pharmaceutical manufacturing and tourism-related services are expected to perform healthily.
In light of these factors, the MTI is expecting the Singapore economy to expand by 1-3% in 2012, though it warns that growth could be lower should the economic and financial situation in the EU and the US worsen. As for inflation, MAS expects inflation to come in at 2.5- 3.5% in 2012 (as compared with our forecast of 2.8%).
We are currently reviewing our 2012 forecast and will issue an update after Singapore's Oct IPI data is released on Friday (25 Nov). At the moment, we are expecting real GDP to grow by 4.5% in 2012.
Subscribe to:
Posts (Atom)