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Singapore’s NODX slows in December 2018, growth to remain intact this year

Singapore’s NODX decelerated in the month of December. NODX slowed to 3.1 percent year-on-year and fell 5 percent on a sequential basis. Electronics exports mainly weighed on the overall figure, contracting 5.3 percent year-on-year after two months of growth, even if non-electronics exports rose 6.8 percent year-on-year on the back of pharmaceutical exports.

NODX growth to half of the top 10 NODX markets contracted in December 2017, up from just two NODX markets which shrank in November. NODX growth to the EU, U.S. Malaysia and Japan markets continued to expand by double-digits on a year-on-year basis.

The December data might be a seasonal anomaly as China’s 2017 GDP growth was likely a strong 6.9 percent year-on-year and its 2018 growth prospects remain a mild slowdown to about 6.5 percent year-on-year, noted OCBC Bank in a research report.

“Looking forward, it would be key for non-electronics exports to sustain its growth momentum for NODX growth to remain intact in 2018, as the electronics cyclical recovery is due for a breather”, stated Selena Ling, Head of Treasury Research & Strategy, OCBC Bank.

For the whole of 2017, NODX growth came in at 9.2 percent year-on-year, a sharp rebound from prior year’s fall of 2.2 percent year-on-year.

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