Chart of the Day: Export momentum continues in February

It was the fourth consecutive month of gains.

Singapore's export momentum continued in February, as the recovery broadens to non-electronics.

According to Maybank KimEng, non-oil domestic exports (NODX) accelerated by 21.5% in February from a year ago to extend its growth into the fourth consecutive month, boosted by both electronics (+17.2%) and non-electronics (+23.3%).

For the said month, non-electronics exports grew 23%, driven by petrochemicals (45%) and specialised machinery (112%). Meanwhile, electronics NODX increased by 17.2%, with ICs recording double-digit growth (+26%) for the fourth consecutive month. Exports of disk media products (+27%) and parts of PCs (+20%) also grew at a faster pace.

"Export growth also broadened to positive growth across all the Top 10 markets, where previously European Union and Malaysia were still negative. This supports our view that the manufacturing and trade momentum remains strong, and will continue to lead and support growth in 2017," noted Maybank KimEng.