By Saurabh Chaturvedi
SINGAPORE--Singapore's domestic exports excluding oil rose at a slower-than-expected pace in January, due mainly to a contraction in pharmaceuticals shipments.
Exports of goods made in Singapore rose 8.6% in January compared with a year earlier, for the third straight month of gains, the trade promotion agency International Enterprise Singapore said Friday. The figure compared with a revised 9.1% increase in December from a year earlier.
Economists surveyed by The Wall Street Journal had forecast January exports to expand 9.5% from a year earlier.
Compared with the previous month, exports rose 5.0% in seasonally adjusted terms, after declining 2.4% on month in December. Economists had projected a 0.9% contraction in January.
The city-state's shipments to China, its biggest export destination, rose 24.3%% in January from a year earlier, compared with a 29.2% on-year jump in the previous month, IE Singapore said.
Exports to the European Union fell 33.1% on year after a 5.8% contraction in December. Exports to the U.S. fell 14% after the previous month's 17.7% slide.
Electronics exports rose 6.1% on year, after rising 5.7% in December, while non-electronics shipments grew 9.9% compared with a 10.7% rise last month.
In the non-electronics sector, pharmaceutical exports fell 12.6%, after growing 7.3% in the previous month.
Write to Saurabh Chaturvedi at firstname.lastname@example.org