Global| Mar 17 2004Singapore Exports Lift Trade Surplus
Summary
Trade in Singapore remains in comfortable surplus through February as exports continue to grow more rapidly than imports. Growth rates of both are erratic from month to month, but uptrends show the signs of world-wide economic revival [...]
Trade in Singapore remains in comfortable surplus through February as exports continue to grow more rapidly than imports. Growth rates of both are erratic from month to month, but uptrends show the signs of world-wide economic revival following the recession in 2001.
Singapore is widely known as a trading hub in Southeast Asia. And its trade data reflect this status quite clearly. In a distinctive (although not unique) breakdown of its exports, Singapore reports that only some 55% of its exports over the past four years have been produced locally. Of its S$251.1 billion in exports last year, S$112.2 billion represent re-exports, goods imported into the area, possibly graded and/or broken into lots and repackaged and then sent on to a final destination. Much of the Singapore economy is located on its docks.
Among those exports, both domestic and re-exports, is a substantial portion consisting of "machinery and transport equipment". For Singapore, this largely means semiconductors and other electronic components and parts. The value of this line item fell nearly S$19 billion between 2000 and 2001, and through last year (December is latest available), while those exports have recovered markedly, they remained below the 2000 peak.
| Singapore Dollars (except where noted) | Seasonally Adj.Year/ Year | 2003 | 2002 | 2001 | 2000 | ||
|---|---|---|---|---|---|---|---|
| Feb 2004 | Jan 2004 | ||||||
| Trade Balance | 2.8 | 2.4 | 28.3 | 15.6 | 10.3 | 5.7 | |
| Total Exports | 24.6 | 23.2 | 24.1% | 251.1 | 223.9 | 218.0 | 237.8 |
| Domestic Exports | 13.6 | 12.4 | 22.6% | 138.9 | 119.4 | 118.4 | 135.9 |
| Re-Exports | 11.1 | 10.2 | 26.0% | 112.2 | 104.5 | 99.6 | 101.9 |
| Imports | 21.8 | 20.8 | 19.8% | 222.8 | 208.3 | 207.7 | 232.2 |
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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