Singapore's non-oil domestic exports increased by 9% year on year last month, according to official data from Enterprise Singapore released on Monday.
Singapore's economy is "definitely operating above its potential" as it continues to face labor shortages from the pandemic and strong manufacturing activity, according to Brian Tan, senior regional economist at Barclays.
Although a stronger Singapore dollar is likely to weigh on export momentum, Tan said it could be "precisely" what the country needs to cool some of the inflation pressures that are rising from strong demand across the board, including in exports and manufacturing.
"The Singapore dollar framework is exactly meant to slow down exports as the Singapore dollar appreciates relative to the policy band, and that will naturally slow down the rest of the economy," Tan added....
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