RHB | Singapore | March NODX Dives On Broad-based Weakness

Economic Research	19 April 2016
Singapore
Economic Highlights
March NODX Dives On Broad-based Weakness Singapore’s non-oil domestic exports (NODX) slumped 15.6% y-o-y in March, weighed by broad-based weaknesses across both electronic and non-electronic clusters. The measure had leveraged on a low base effect to grow 2.0% in February, but saw the situation swiftly reverse as export growth crashed to a three-year low the following month. As a result of the weak outturn in March NODX, real exports of goods & services are estimated to have dropped 3.6% y-o-y in 1Q, compared to a +4.1% bounce for the corresponding period last year, increasing the risk of a downward revision in 1Q GDP. Economist:  Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 15 April 2016: MAS Eases S$NEER After Economy Stalled In 1Q 01 April 2016: Manufacturing And Services Loans Fell In February; M3 Growth Remained Feeble 25 March 2016: Factory Output Slides Again Following The Briefest Of Upticks 25 March 2016: Singapore’s FY2016 Budget Largely Sticks To Long-Term Objectives 24 March 2016: Singapore’s CPI Extends Slump In February 18 March 2016: February NODX Bounced From Low Base; Still Under Pressure For 1Q