Electronics and pharmaceutical sales aid in exports surge

MANUFACTURING | Electronics and pharmaceutical sales aid in exports surge

Singapore exports, surging the most in four years, are improving as strength is seen in electronics and pharmaceutical demand.

According to a Bloomberg report, electronics shipments jumped 25.2 percent before the close of 2009 to S$5.2 billion ($3.7 billion) compared to 2008 while pharmaceutical shipments climbed 75.7 percent.

Robert Prior-Wandesforde, senior Asia economist at HSBC Holdings Plc in Singapore, said, "Exports are seeing a genuine improvement as a result of stronger regional and global domestic demand." The economist added, "It is beginning to look likely that first-quarter gross domestic product will bounce."

Regional economist at Forecast Singapore Vishnu Varathan expects continued improvement in exports but pointed out that the improvement will be gradual. "Whether the end demand will be sustained, which will ensure a robust recovery, remains to be seen," said Varathan.