Export Resiliency In Doubt

Singapore - Balance of Payments

May 16 2012 - Despite a decidedly weak external demand outlook, Singapore managed to post nominal year-on-year growth of 6.1% in Non-Oil Domestic Exports in Q112. Still, we caution that China, Singapore's largest national export market, has yet to see the bottom of its structural economic woes, while demand from the EU will also be under pressure as the eurozone crisis continues to simmer. Even with expectations for just 1.8% real growth in exports in 2012, though, the city-state's current account surplus should decline only slightly from SGD71.7bn (21.4% of GDP) in 2011 to SGD67.7bn (18.9% of GDP) in 2012....

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Looking For Consistency

Looking For Consistency  - Singapore - Non-Oil Domestic Exports, SGDmn, & % chg y-o-y

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Infrastructure Deceleration View Playing Out

China - Infrastructure

May 14 2012 - BMI View: We maintain our forecasts for a deceleration in growth in Chinese infrastructure and construction segments over 2012, with an increasing number of indicators validating our view. While government murmurs of a small infrastructure stimulus have not gone unnoticed, the swollen local government debt from the first stimulus is making new credit allocations a precarious and prohibitive venture. ...

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Drug Exports Disappoint In 2011

Poland - Pharmaceuticals & Healthcare

May 14 2012 - BMI View: Cross-border trade of pharmaceuticals in Poland was disappointing in 2011, with exporters ending their long-running, double-digit year-on-year (y-o-y) expansion story. Despite the weaker figures and the fact that Poland's main trade partners in Europe face continuing economic and industry challenges, we still believe local producers will boost their international exposure, though exports will not return to the explosive growth recorded post-EU accession from 2004. ...

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