Business News
Singapore exports jump 31 per cent in August
Sep 17, 2010, 9:08 GMT
Singapore - Singapore's exports accelerated in August on a surge in demand for its electronics and pharmaceuticals after a sharp cooling-down in July, government data released Friday showed.
Non-oil exports, which count for the majority of the city-state's exports, jumped 31 per cent year-on-year in August after an 18-per-cent rise the previous month, the trade promotion agency International Enterprise Singapore said.
Singapore's biggest trading partner, the European Union, was the top contributor to the rise in exports as shipments there jumped 117 per cent year-on-year in August after a 27-per-cent expansion in July, the agency said.
Singapore posted double-digit economic growth in the first half of the year and is one of the fastest-expanding economies worldwide with the government expecting gross domestic product to increase 13 to 15 per cent in 2010.
The government, however, warned the growth momentum might slow down in the latter half of the year because of weaker demand from the United States and Europe.
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