Singapore – May NODX growth improvement due to base effects

Singapore will release May non-oil domestic exports (NODX) data on 17 June. NODX is expected to have grown 5.1% y/y, from 2.2% a month ago, on base effects. 

"We forecast a decline of 1.5% y/y in electronics exports for the second consecutive month in May",says Standard Chartered.

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.