Singapore NODX likely to register an expansion of 9.1 pct y/y, says DBS Bank

Singapore’s export performance will likely hold up. Non-oil domestic export (NODX) sales for July due tomorrow will likely register an expansion of 9.1 percent y/y. While this is up from 8.2 percent in the previous month, it’s nothing more than just a sideway moves in the data series.

Net off some base effect and possible uptick from exports of pharmaceutical products and the headline NODX growth will probably be where it was previously. The rally in electronics export is losing steam. Though a contraction is not expected in the near term, the PMIs, semiconductor billings, and shipments data are hinting of some side-way moves in the electronics exports.

Separately, the pharmaceutical industry had a rough patch over the past three months and is due for a rebound. An uptick in this export segment will be enough to push the headline figure slightly higher compared to the previous month, DBS Bank reported.

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