Weak imports, rather than strong exports, boosted Singapore’s growth last year. Indeed, its goods exports lagged those of regional peers. But exports have started to rebound as the global vaccine rollout has boosted hopes for a global growth recovery. We expect the improved external environment to boost exports this year and support Singapore’s growth recovery. Its role as a global trading hub, its composition of exports, and the plunge in oil prices negatively affected overall exports last year. We think these factors will become more favourable and support stronger exports in 2021.
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