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Singapore key exports on track for gradual but uneven recovery: Analysts

Barclays bank economist Brian Tan noted a surge in shipments of specialised machinery related to electronics manufacturing.

“The bulk of the increase (was) largely due to China, likely reflecting its drive for self-sufficiency in semiconductor production – in addition to a more generalised sequential recovery in electronics exports,” he said.

Total trade grew in October, with exports rising while imports declined.

Total trade expanded by 0.3 per cent over the same month in 2022, after the 12.5 per cent contraction in the previous month.

This was due to the increase in oil trade, while non-oil trade decreased.

Looking ahead, Maybank economists Brian Lee and Chua Hak Bin said they expect export growth to return to positive figures by the end of 2023 and into 2024.

“Exports and manufacturing are recovering from the deep downturns seen earlier in the year, albeit at an…

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