S'pore less dependent on nonoil exports<\/p>\n
SINGAPORE (Dow Jones): Singapore's domestically produced non-
\noil exports jumped an unexpected 15.3 percent in October over the
\nprevious year, showing that the country is successfully weaning
\nitself away from dependence on lower-end electronics products,
\nanalysts said Saturday.<\/p>\n
Economists had predicted a more modest 10.5 percent annual
\ngain, according to the average of seven forecasts gathered by Dow
\nJones Newswires.<\/p>\n
Despite the strong data, market reaction is expected to be
\nmuted. Liquidity on Singapore's markets has dried up as the end
\nof 1999 approaches and as investors hold back to protect
\nthemselves against potential Y2K computer problems.<\/p>\n
October's increase was exaggerated by a sharp drop in exports
\na year ago, when Singapore was rocked by the Asian economic
\ncrisis. Compared with September, non-oil domestic exports rose
\nonly slightly in October to $9.2 billion from S$9.18 billion, the
\nTrade Development Board said Saturday.<\/p>\n
Even so, the figures confirm that Singapore's economic
\nrecovery is assured, economists said. "Overall, the trend is
\nintact," said an economist at J.P. Morgan & Co. based in
\nSingapore.<\/p>\n
Thursday, Singapore announced that the economy grew at an
\nannual rate of 6.7 percent in the third quarter, unchanged from
\nthe second quarter. The government also raised its 1999 growth
\nforecast to 5 percent from a previous range of 4 percent to 5
\npercent.<\/p>\n
Singapore is managing to sustain growth despite a downturn in
\nthe key disk drive sector, which has seen major manufacturers
\nmove operations to lower-cost countries. Exports of disk drives
\nfell by an annual 11.3 percent in October to S$1.5 billion.<\/p>",
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