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

 

 

 

This message is intended only for the use of the person(s) to whom it is addressed and may contain information that is privileged or otherwise protected from disclosure. If you are not the intended recipient you are hereby notified that any use, review, disclosure or copying of this message and the information it contains is prohibited. If you receive the message in error, please notify the sender by reply e-mail and discard all its contents.   Thank You.