Showing signs of recovery, Singapore non-oil export rose to the highest summit in the last five years, according to a report by the international Singapore enterprise. This is the fastest pace recorded in the tiny trade-oriented economy, with a modest population of fewer than six million people.
This is a sign of recovery in an economy that witnessed a dwindling fortune last year. In the report, the non-oil sector was the most vibrant in the month of February, the highest in the last five years and a good return in the nation trying to come out of the economic darkness that covered the nation in the past year.
The economic facts that emerged
Encouraging facts that emerged from the report show that the non-oil domestic sector tops the export chart in the month of February with an amazing 21.5% from the previous year. It was a good news for the electronics market, which recorded an inspiring 17.2% increase in February compared to 6.1% recorded in January, beating all the likely forecast made in the previous month.
In the same month of February, non-oil sector export rose by 1.4% compared to the 0.1% estimated in the earlier forecast. It was a good omen in the export sector of Singaporean economy, which was just recovering from the recession the nation had last year.
Signs of good things to come
The improvement in the export statistics is a sign of the economy getting better, after a saddening reduction in the export of about 2.8% in total shipment in the year 2016. This is due to the improved demand from the Asian giant China and better opportunities that developed nations offer for the Singaporean export products.
The domestic economy not that encouraging
The local economy is not enjoying the same surge in the non-export sector of the economy. Job growth is still very weak and wage demands also curb, this view may not change my the nation’s monetary policy agency that claims this position will remain the same even in April.
Singapore is benefiting from export recovery, and an improved relationship with the US, not to undermine success that the renew export to china brings to the overall success in the export of electronics, medical and biomedical products to the world’s most populous nation.
Singapore is basking in the euphoria of an economy getting back to the state where the analyst can say the nation is on a fast rise to the pick of the Asian economy and possibly will be able to compete with global exporting nations soon.
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