FW: RHB | Singapore | October NODX Surged But Electronics Slowing Down

 

 

Economic Research			20 November 2017
Singapore
Economic Update
October NODX Surged But Electronics Slowing Down   Singapore’s non-oil domestic exports (NODX) jumped 20.9% YoY in October, driven mainly by a sharp increase in non-electronic NODX. Meanwhile, electronic NODX also improved, albeit at a substantially slower pace compared to the first three quarters of the year. In light of the recent surge in non-electronic NODX, we raise our forecast for NODX to +8.5% in 2017, from +6.5% earlier and compared to -2.8% the year before. For next year, we project for NODX to slow but remain resilient (+6.7% YoY), supported by the iPhone X sales cycle, increased production of smartphone antenna chips, as well as rising demand for capital goods globally.   Economist:  Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 01 November 2017: Loan Growth And M3 Diverge 27  October 2017: IPI Remains On An Easing Trend  16 October 2017: MAS Stoic Despite Sharp 3Q GDP Rise 02 October 2017: Loan Growth Picked Up Despite Softening M3 27 September 2017 : IPI Slows Despite Pharmaceutical Rebound 26 September 2017: August CPI Remained Muted
Economics Team
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
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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