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Economic Research
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18
May 2017
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Singapore
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Economic Update
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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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Thursday, May 18, 2017
NODX To Moderate From 1Q As Base Effects Normalise
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