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Economy

Singapore exports grow in 2020 despite COVID turmoil

Benchmark figure rises 4.3% on semiconductor and pharmaceutical demand

A containership docks at a terminal in Singapore in this file photo: The city-state's relatively brisk exports for 2020 contrast with its record 5.8% GDP contraction.   © Reuters

SINGAPORE -- Singapore's exports grew 4.3% last year despite the economic recession caused by the COVID-19 pandemic, thanks to persistent global demand for semiconductors and pharmaceuticals -- the city-state's key manufactured products.

Data released on Monday by Enterprise Singapore, a government agency, shows the benchmark non-oil domestic exports -- total exports minus oil and re-exports -- for 2020 came to 172 billion Singapore dollars ($128 billion), up from SG$165 million in 2019.

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