Singapore December export number

Non-oil up 26%, amongst which electronics up 25%, pharma up 76%, petrochemcals up 64%
Oil up 60%

Export to major trade destinations China up 20% Europe up 27% US up 6%.

This is consistent with China's December export/import number.  Indication of inventory replenishment yet encouraging data. We may see consistent improvement for next a few more months. Faster inventory re-building also indicates potential production slowdown in several more months once re-building is completed as sales need to catch up.

US business inventory and sales data:

Industrial production

 Other data for reference: housing start

car sales