S'pore trade rose in 2003

S'pore trade rose in 2003

SINGAPORE: Singapore's key non-oil exports rose 15.1 percent in 2003, recovering from the effects of the regional Severe Acute Respiratory Syndrome (SARS) outbreak and the Iraq war, the government said on Friday.

Increased exports of electronic components and non-electronic goods like pharmaceuticals and petrochemicals drove December exports up 30.7 percent to S$10.46 billion (US$6.17 billion), the government's International Enterprise Singapore said in a statement.

It said it expects non-oil exports to grow by 10 percent to 12 percent in 2004, buoyed by improvements in the overall global economy.

Singapore's total trade in 2003 reached S$474 billion ($280 billion), up 9.6 percent from 2002, making it one of the world's top trading countries.

The overall performance was strong, despite the economy's contraction in the second quarter following the outbreak of SARS, which dealt a serious blow to the services industry and claimed 33 lives.--AP