Base effects improve Singapore's May NODX

Singapore's non-oil domestic exports (NODX) data for May is set to release on 17 June. 

Standard Chartered estimates, NODX is likely to grow at 5.1% y/y, from 2.2% a month ago, on base effects, but a decline of 1.5% y/y is likely in electronics exports for the second consecutive month in May. 

Export growth likely continued to be weighed down by sluggish Asia demand. NODX to the US fell in April - a reminder of the fragile recovery in exports to developed economies. This may mean that the export growth trend will only start to improve in H2-2015 rather than in Q2, adds Standard Chartered.