Singapore cements 2004 growth as key exports rise 17.1%<\/p>\n
Martin Abbugao, Agence France-Presse, Singapore<\/p>\n
Singapore's key exports grew 17.1 percent in March from the
\nprevious year, beating analysts' forecasts and fulling already
\noptimistic expectations of economic growth this year, the
\ngovernment and economists said on Friday.<\/p>\n
Non-oil domestic exports (NODX) got a lift from continued
\ngrowth in electronics shipments, as well the pharmaceutical
\nsector, to total S$11.19 billion (US$6.66 billion).<\/p>\n
The pace of growth slowed from the 25.7 percent posted in
\nFebruary but was still higher than the 13-16 percent rate
\nforecast by economists.<\/p>\n
Analysts, said they were not concerned about the slowdown
\nbecause the February 2004 growth rate was compared with a lower
\nbase the previous year. February 2003 had fewer working days due
\nto the Chinese Lunar New Year holidays.<\/p>\n
International Enterprise Singapore, the government's trade
\nbody, described the 17.1 percent growth in March as \"robust\" and
\nhighlighted the expansion in both electronics and non-electronics
\nsectors.<\/p>\n
Electronics exports expanded for the second month in a row at
\n8.7 percent, powered by a 43 percent increase in shipments of
\ntelecommunications equipment and a 34.3 percent rise in exports
\nof semiconductors.<\/p>\n
The increases offset an 18.1 percent fall in exports of disk
\ndrives for personal computers and servers.<\/p>\n
Pharmaceuticals exports jumped 49.6 percent, boosting growth
\nin the non-electronics sector to 27 percent.<\/p>\n
Total trade in March grew 22 percent to S$48.98 billion.<\/p>\n
\"Overall, it really reaffirms the recovery story and boosts
\noptimism that we will hopefully see an upside surprise to the
\nfull-year growth,\" said Low Ping Yee, an economist with United
\nOverseas Bank.<\/p>\n
Low is projecting a 6.1 percent growth in gross domestic
\nproduct (GDP) this year.<\/p>\n
Standard Chartered Bank economist Joseph Tan, who expects
\ngrowth of 6.6 percent GDP for 2004, described the March numbers
\nas impressive.<\/p>\n
\"It continues to suggest that the export-led recovery remains
\nfairly robust. It does indicate that the export growth will
\ncontinue and I think that's going to be positive for Singapore's
\ngrowth this year,\" Tan said.<\/p>\n
Song Seng Wun, a regional economist with GK Goh brokerage,
\nsaid the March export numbers reinforced his GDP forecast of up
\nto 7.5 percent, possibly the highest among the analysts based
\nhere.<\/p>\n
He expects NODX to expand 10-15 percent in the second quarter
\nand should accelerate to 15-20 percent in the September quarter.<\/p>\n
The strong March export figures followed government data
\nreleased on Monday showing the Singapore economy surged 7.3
\npercent in the first quarter from a year earlier, reinforcing
\nexpectations full-year GDP will grow faster than initially
\nforecast.<\/p>\n
The GDP growth rate, based on advance estimates for the first
\ntwo months of the year, was the fastest year-on-year growth since
\nthe fourth quarter of 2000, the trade and industry ministry said.<\/p>\n
Trade ministry officials said they expect to upgrade upwards
\nnext month their official growth forecast of 3.5-5.5 percent for
\nthis year.<\/p>",
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