UPDATE 1-Singapore April export rise hides weak regional outlook

* April non-oil exports +8.3 pct y/y, vs +6.9 pct consensus

* Q1 GDP +1.6 pct y/y, below economists' forecast of 1.8 pct

* April inflation seen rising from March, may hit 6 pct y/y

SINGAPORE, May 17 (Reuters) - Singapore exports rose more

than expected in April due to a surge in pharmaceuticals but

softness in electronics, a mainstay of manufacturing in many

Asian economies, points to a likely slowdown in regional growth

as China's economy cools.

Wealthy Singapore, a major Asian business and financial

centre whose trade is three times the size of its economy, is

widely seen as a barometer for the region. Electronics account

for about one-third of its exports of domestically produced

goods excluding oil.

The Southeast Asian city-state on Thursday said its non-oil

domestic exports grew 8.3 percent in April from a year ago,

beating the consensus forecast of 6.9 percent growth and turning

around from March's 4.3 percent year-on-year contraction.

Electronics, however, grew by just 1 percent last month,

while electronics re-exports - an indicator of regional trade

flows - shrank 5.2 percent year-on-year following a 5.5 percent

decline in March.

"The re-export story is a reflection of the deceleration of

the Chinese economy," said Selena Ling, head of treasury

research and strategy at Oversea-Chinese Banking Corp.

Ling said data from Asian countries shows shipments to China

have been slowing, suggesting "the Chinese economy hasn't

bottomed yet, which means the trough will be in Q2".

Singapore is one of the world's largest transhipment centres

and many of the region's products are moved to Singapore before

they are shipped further afield.

FINANCE, INSURANCE WEAK

The city-state on Thursday also said its economy grew 1.6

percent in the first quarter from a year earlier, in line with

its preliminary estimate and confounding economists who had

predicted an upward revision.

A decline in re-exports and a quarter-on-quarter contraction

in finance and insurance, offsetting a stronger performance in

manufacturing, were largely to blame for the failure to achieve

the expected upgrade in GDP growth.

"On a sequential basis, the (finance and insurance) sector

contracted for the second consecutive quarter, by 3.4 percent

annualised, partly due to sluggishness in fund management

activities," the Ministry of Trade and Industry said.

Singapore reiterated its forecast for GDP growth of 1 to 3

percent this year, down from 4.9 percent in 2011.

Singapore's better-than-expected export data follows a

series of disappointing economic news from several countries in

the region, including China.

The world's second-largest economy last week said factory

output grew 9.3 percent in annual terms in April, well below a

market forecast of 12 percent, while annual growth in retail

sales slowed to 14.1 percent from 15.2 percent.

In Taiwan, exports contracted for a second month in April,

hurt by falling demand from the United States and

China.

"It looks to us that output overshot orders in the first

couple of months of the year, perhaps reflecting renewed

optimism about the U.S. and eurozone economies," said Robert

Prior-Wandesforde of Credit Suisse.

Turning to inflation, which remains stubbornly high in

Singapore despite the slowing economy, a senior central bank

official told reporters that Singapore's year-on-year inflation

could rise further before softening later in the year.

"Headline inflation remains high compared to historical

norms. We think it will peak and soften over the rest of the

year, but at elevated levels still," said Monetary Authority of

Singapore Deputy Managing Director Ong Chong Tee.

Prices in the city-state rose by 5.2 percent in March from a

year ago, accelerating sharply from February's 4.6 percent.

Several economists expect April inflation to come in higher,

with Credit Suisse predicting a 6 percent year-on-year rise in

the consumer price index.

Barclays, which forecasts annual inflation will average 5.4

percent this quarter, has said the central bank could be forced

to tighten policy further in October by letting the Singapore

dollar appreciate at a faster pace.

(Additional reporting by Charmian Kok, Saeed Azhar and Eveline

Danubrata; Editing by Edmund Klamann)

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