June NODX Drop Points To 2Q GDP Downgrade

Economic Research	19 July 2016
Singapore
Economic Highlights
June NODX Drop Points To 2Q GDP Downgrade Singapore’s non-oil domestic exports (NODX) dropped by 2.3% y-o-y in June, retreating from an 11.6% surge the month before. The decline was underpinned by a negative swing in pharmaceutical shipments and acceleration in the decline of petrochemical exports. In contrast, shipments of electronic products contracted at a slower pace than the month before, carried largely by a 7.0% y-o-y bump in semiconductor exports, cushioning some of the downside. June’s fall meant that exports failed to keep up with the pace of growth of the first two months of 2Q, contributing to the likelihood of a slight downgrade in 2Q GDP at its later reading. Economist:  Ng Kee Chou | +603 92802179
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