Singapore’s non-oil exports grew 23.4% on-year in February and 14.8% on-month seasonally adjusted, due to strong recovery of mainstay electronics and pharmaceuticals exports, up 26.4% and 29% on-year respectively.

The data is much stronger than average forecast in Dow Jones’ poll of 18.4% on-year and 1.3% on-month overall rise.

Numbers show Singapore firmly on recovery path after exports slumped in early 2009, which may prompt MAS to let SGD strengthen at monetary police meeting in April.

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