Singapore’s NODX exports likely to have grown in April

Singapore’s non-oil domestic exports data for the month of April is set to be released this week. According to a DBS Bank research report, there might be some upside potential on this figure given the past two straight months of decline.

A low base in the same period last year, marginal depreciation of the Singaporean dollar and possible upside from the biomedical cluster might have made for a stronger reading in April. Export sales are expected to have grown 7.1 percent year-on-year, as compared with the fall of 2.7 percent in the earlier month and the fall of 6 percent the month before.

“Going forward, improved global economic conditions would be matched with heightened uncertainties on the trade front and financial markets, resulting in increasingly sideway move in export performance”, added DBS Bank.

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