Thursday, May 18, 2017

NODX To Moderate From 1Q As Base Effects Normalise

Economic Research
18 May 2017

Economic Update

Singapore’s NODX declined 0.7% YoY in April. This was as its low base effect faded and support from pharmaceuticals vaporised. Things were made worse by slowed petrochemical and electronic shipments.
Overall, we project for non-oil domestic exports (NODX) to slow ahead but remain positive this year. We maintain our projections for NODX to expand 3.9% in 2017 vs a 3.2% drop last year. This is underpinned by:
    i.   Overall higher semiconductor demand, which is set to pick up again in July ahead of the new Apple iPhone launch;
   ii.   Stronger economic growth in the US, which represents a key source of final demand;
  iii.   Improving commodity prices, which would support ASEAN economic growth.

Economist:  Ng Kee Chou | +603 92802179

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