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Economic
Research
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18 November 2016
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Singapore
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Economic
Highlights
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Singapore’s non-oil
domestic exports (NODX) fell 12.0% y-o-y in October,
accelerating from -5.0% the month before, weighed by sharp declines in
shipments of pharmaceuticals and capital goods.
By destination, shipments to EU
and Japan
fell substantially. However, a surge in exports to Taiwan,
and a slower contraction in NODX to China helped cushion some of the
downside.
We forecast for NODX to
weaken in 2H and decline 4.8% for 2016 (-7.2% in 2015), weighed by
slowing global growth.
Economist: Ng Kee Chou
| +603 92802179
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Friday, November 18, 2016
NODX Plummeted As Pharmaceutical Shipments Softened
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