Singapore's exports grew more than expected in October, indicating that the country's economy is well on its way to recovery, reports the Wall Street Journal.
Compared with the previous month, exports unexpectedly climbed 5.8% in seasonally adjusted terms after falling 4.7% in September, notes the Journal.
According to the Journal, the island nation's shipments to the European Union were up 69.9% from a year earlier, compared with 28.8% growth in September; exports to the U.S. were up 72.2%, compared with 31.9%; exports to China were up 43.1%, compared with 23.6%.
Among individual sectors, electronics exports grew 34% in October from a year earlier, faster than the 21.2% increase in the previous month. Electronics exports make up nearly 40% of total shipments. Pharmaceuticals exports rose 26.2% on year in October, after rising 16% in the previous month.
MORE ARTICLES ON EXPORTS