Exports fell 2.2% in January m-o-m, but still up 20% for the whole year

The better-than-expected y-o-y growth was led by electronics and pharmaceuticals.

According to HSBC, sequential growth eased relative to December. Exports are expected to grow at a slower pace in 2011 following the post-crisis jump last year, but growth in overall economic activity is expected to keep pace with potential, calling for policy vigilance to keep inflation at bay.

Total exports grew in January by 17.4% y-o-y (vs. 12.3 % in December), while non-oil domestic exports grew 20.9% y-o-y (vs. 9.4% y-o-y in December). The growth numbers for NODX were well-above our forecast (15% y-o-y) and that of consensus (15.9% y-o-y). However, NODX sequential growth eased (2.2% m-o-m sa vs. 7.9% in December) and has come down in recent months on a 3m/3m SAAR basis (smoothed series). In real terms, NODX growth rose to 24.3% y-o-y (vs. 12.1% in December).

By products, NODX growth for electronics exports perked up (5.8% y-o-y vs. -1.1% in December) led by ICs, parts of PCs, and telecom equipment. Non-electronics exports also picked up pace (30.5% y-o-y vs. 16.2% in December) as pharma exports leaped (38.6% y-o-y vs. -2.8% in December) and exports of petrochemicals kept up the pace (31.5% y-o-y vs. 30.4% in December).

By markets, growth in NODX destined for the EU more than doubled (51.5% y-o-y vs. 20.9% in December). Exports to the US and China also picked up pace (to 19.5% y-o-y vs. -0.3% in December and 16.7% y-o-y vs. 10% in December, respectively). NODX to most other markets rose, especially for other emerging markets outside of ASEAN. The pick up in growth was driven by both electronics and non-electronics, with pharmaceuticals driving the latter in Europe's case.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia