Singapore - Export growth slows as best year since 2003 ends

Singapore’s exports rose at a slower pace in December, ending a year in which shipments jumped the most since 2003 as the global economic recovery boosted demand for the island’s goods. Non-oil domestic exports climbed 9.4% y-o-y, after a revised 9.9% gain in November. Shipments rose about 23% in 2010, the most in seven years. Electronics shipments fell 1.1% in December y-o-y to SGD5.2bn after a 10.8% gain the previous month, the first decline in more than a year. Non-electronics shipments, which include petrochemicals and pharmaceuticals, gained 16.2%. Pharmaceutical shipments dropped 2.8% after falling 34.2% in November. (Bloomberg)