July NODX Slump Deepened On Broad-based Weaknesses

Economic Research	18 August 2016
Singapore
Economic Highlights
July NODX Slump Deepened On Broad-based Weaknesses Singapore’s non-oil domestic exports (NODX) plunged 10.6% y-o-y in July, from a 2.4% contraction the month before. The slump was broad-based with both electronic and non-electronic NODX suffering steep declines, while shipments to all major markets, bar the EU, shrank, with China, Indonesia and the US leading the decline. The timing and breadth of July’s deterioration suggest that global demand have been severely disrupted by the uncertainty stemming from UK’s Brexit decision in late June. We expect NODX to remain weak for the next couple of months and contract 4.8% in 2016, extending its losses from a 7.2% slump last year. Economist:  Ng Kee Chou | +603 92802179
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