Friday, August 18, 2017

FW: RHB | Singapore | July NODX Slowed Slightly, E&E Rebounded

 

 

Economic Research

18 August 2017

Singapore

 

Economic Update

 

 

 

July NODX Slowed Slightly, E&E Rebounded

 

Singapore’s non-oil domestic exports (NODX) slowed to +8.5% YoY in July, from +8.8% the month before, dragged by a sharper contraction in pharmaceutical exports. Shipments of electronics, however, regained some momentum, cushioning some of the downside.

Going forward, improving US labour conditions and strong GDP growth the EU and Japan, as well as a ramp up in electronics production ahead of the new iPhone launch, is likely to support NODX growth for 2H.

We upgrade our forecast for NODX to climb 6.5% in 2017, compared to +3.9% previously and -2.8% the year before.

 

 

Economist:  Ng Kee Chou | +603 92802179

 

 

To access our recent reports please click on the links below:

14 August 2017: 2Q GDP Revised Higher On Stronger Services Output

01 August 2017: Stronger Foreign Inflows Boost June M3 Growth

27 July  2017: June IPI Surges As Underperformers Rebound

25 July  2017: June CPI Rose 0.5% YoY; Consumer Sentiment Weak

18 July  2017: NODX Surges On Machinery Rebound, E&E Slows

17 July  2017: GDP Grew 2.5% YoY In 2Q, To Moderate Further In 2H

 

Economics Team

Lim Chee Sing

Chief Economist

cslim@rhbgroup.com

+603 9280 2153

Peck Boon Soon

Chief ASEAN Economist

bspeck@rhbgroup.com

+603 9280 2163

Vincent Loo Yeong Hong

Malaysia, Vietnam

vincent.loo@rhgroup.com

+603 9280 2172

Ng Kee Chou

Singapore, Thailand

ng.kee.chou@rhbgroup.com

+603 9280 2179

Zhang Fan

China

zhang.fan@rhbgroup.com

+8621 6288 9611

Rizki Fajar

Indonesia, Philippines

rizki.fajar@rhbgroup.com

+6221 2970 7065

Aris Nazman Maslan

Malaysia, Vietnam

mohd.aris.nazman@rhbgroup.com

+603 9280 2184

 

 

 

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