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Nikkei Markets

Singapore exports surprise with growth amid COVID-19 outbreak

Gains not sustainable as virus slams more markets, supply chains, say economists

According to data released by trade agency Enterprise Singapore, non-oil domestic exports rose 3.0% year-on-year in February.   © Reuters

SINGAPORE (Nikkei Markets) -- Singapore's economy delivered a positive surprise amid the COVID-19 gloom as non-oil exports grew rather than shrank in February, powered by a rise in shipments to the European Union, Japan and the U.S.

However, exports to China and Hong Kong plunged, underlining the shakiness of the city-state's key markets. Economists were quick to describe February's improvement as one-off. They noted that conditions have worsened since in the EU and the U.S. with the authorities in many countries and cities opting to restrict activity or even close borders to contain the spread of the coronavirus that causes COVID-19.

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