Friday, April 21, 2017

Singapore’s NODX grew 15.2% YoY in 1Q17, thanks to steep gains in semiconductor shipments and exports of electrical machinery & equipment, chemicals and mineral oils & products, in

Economic Research
21 April 2017
Singapore

Economic Update




Singapore’s NODX grew 15.2% YoY in 1Q17, thanks to steep gains in semiconductor shipments and exports of electrical machinery & equipment, chemicals and mineral oils & products, in particular to China. Going forward, we expect NODX to slow in 2H17, after a projected strong gain in 1H17. We expect NODX to expand 3.9% in 2017, compared to a 3.2% drop last year, underpinned by:
1.   Growing semiconductor demand, supported by the cyclical smartphone super-cycle, as well as accelerating adoption in the automotive and IoT sectors; 
2.   Stronger economic growth in the US and other developed countries, which tend to drive Singapore’s capital goods exports;
3.   Improving commodity prices, which would support ASEAN and other emerging markets’ economic growth.


Economist:  Ng Kee Chou | +603 92802179

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