Singapore's exports rebounded in January lifted by shipments of machinery, electronics and petrochemicals, Enterprise Singapore said Wednesday.
Exports posted their fastest rise in seven months as the country recovers from COVID-19 lockdowns in the middle of last year.
Exports jumped 12.8% from a low base last year as reports of the spread of the coronavirus were just gathering steam - and well above the 5.4% gain expected by analysts.
Earlier, this week, Singapore unveiled its budget for the fiscal year starting April 1, forecasting a rebound in gross domestic product to a 6% pace in 2021 based on stimulus spending from sovereign cash reserves last year of $42.7 billion Singapore dollars ($32.2 billion), and another S$11 billion this year.
As well, Finance Minister Heng Swee Keat said the government would set aside an additional S$24 billion over three years to help companies and workers adjust to the post-COVID-19 economy.
"The efforts will span several years, but it is crucial that we start. This builds on the momentum of the transformation push started five years ago," Keat said in his budget speech
To pay for the spending, Singapore raised gasoline prices and sales taxes. Singapore's economy contracted 2.4% year-on-year in the fourth quarter of 2020, according to the ministry of trade and industry. The economy shrank 5.4% for the full-year in 2020, marking its worst ever recession.
