By Gaurav Raghuvanshi
SINGAPORE--Singapore's key non-oil exports surged in November due to a rise in shipments to China and the European Union, the island nation's top customers.
Exports of goods made in Singapore rose 11.5% in November compared with a year earlier, after falling 12.0% in October, trade promotion agency International Enterprise Singapore said Friday.
The median estimate of five economists in a poll by The Wall Street Journal was for November exports to contract 3.0% from a year earlier.
Compared with the previous month, exports rose 13.1% in seasonally adjusted terms, after contracting 3.7% on month in October. The poll had projected a median 0.7% gain in November.
The city-state's shipments to China, its biggest export destination, rose 15.8% in November from a year earlier, compared with a 0.1% on-year fall in the previous month, IE Singapore said.
Exports to the E.U. surged 48.3% on year after falling 28.6% in October. Exports to the U.S. grew a relatively muted 3.0% after the previous month's 3.7% fall.
Electronics exports rose 3.5% on year, reversing a 6.0% fall in October, while non-electronics shipments grew 15.3%, compared with a 14.6% fall in the previous month.
In the non-electronics sector, the highly volatile pharmaceutical exports soared 44.8%, after a 47.0% slump in the previous month.
Production and exports of pharmaceutical drugs in Singapore often swings wildly as the sector is dominated by a small number of very large plants of multinational companies. Production of a high-value drug, for example a batch of cancer medicine, can send output soaring, only to crash when plants need to close for long periodsof maintenance between producing different drugs.
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(END) Dow Jones Newswires
December 15, 2016 19:44 ET (00:44 GMT)
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