Singapore's exports surged in May, led by electronics production, laying the ground for the city-state to post a second consecutive quarter of double-digit economic growth, according to AP. Exports excluding oil rose 24 percent last month from a year earlier to 13.5 billion Singapore dollars ($9.7 billion), according to Trade and Industry Ministry figures released Thursday. Sales abroad fell a seasonally adjusted 0.1 percent from April, the ministry said. Non-oil exports have risen seven straight months including 30 percent in April and 25 percent in March. Singapore's gross domestic product soared 16 percent in the first quarter from a year earlier as trade, finance and tourism bounced back from last year's global recession. The government expects the economy to grow as much as 9 percent this year after contracting 1.2 percent last year. Electronic products _ which account for 40 percent of non-oil exports and include goods like PC parts, diodes and integrated circuits _ jumped 39 percent in May from a year earlier. Pharmaceuticals fell 33 percent while petrochemicals increased 59 percent. Oil exports, which account for 33 percent of total exports, rose 56 percent in May. Non-oil exports rose 5.7 percent to Europe, 29 percent to the U.S. and 65 percent to China. Non-oil imports rose 3.4 percent in May from a year earlier, after dropping 0.5 percent in April, the ministry said.
