Pharma slows Feb's key exports growth to 4.2%, but analysts not worried

CHINESE New Year festivities and a plunge in pharmaceutical exports are the two reasons identified for Singapore's underwhelming performance in key exports in February. On the other hand, gold and technology glittered. Though the figures came in below expectations, analysts remain confident in growth prospects for the year.

Non-oil domestic exports (NODX) grew by a slower 4.2 per cent year-on-year last month, compared to January's flying start of 12.7 per cent, according to data from trade agency Enterprise Singapore on Wednesday. This is lower than the 6.1 per cent forecast by analysts in a Bloomberg poll.

"The moderation in momentum was not entirely unexpected given the change in Chinese New Year timings, which fell in January last year but February in 2021," said Selena Ling, OCBC Bank's head of treasury research and strategy.