FW: RHB | Singapore | NODX Starts To Slow Down

 

 

 

Economic Research			19 December 2017
Singapore
Economic Update
NODX Starts To Slow Down   Singapore’s NODX slowed to +9.1% YoY in November, weighed by a sharp slowdown in non-electronic NODX. Meanwhile, electronic NODX improved slightly, but remained at a substantially slower pace when compared to the first three quarters of the year. Going forward, we expect the non-oil domestic exports (NODX) to ease to +6.7% in 2018 from +9.4% YTD. This would be dragged by higher base effects and moderating demand from the smartphone super-cycle. However, increased production of smartphone antenna chips, rising demand for capital goods globally, and a recovery in the pharmaceuticals and marine offshore segments ought to help cushion some of the downside.   Economists: Arup Raha  | +65 6232 3896 Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 4 December 2017: Domestic Credit Demand Slowing Down 27 November 2017: IPI: Improvement Despite Pharmaceuticals Slump 24 November 2017: CPI Steady In October; Set To Rise In Last Two Months 24 November 2017: Private Spending Rebounds As GDP Hits Four Year High 20 November 2017: October NODX Surged But Electronics Slowing Down 01 November 2017: Loan Growth And M3 Diverge
Economics Team
Arup Raha	Group Chief Economist	arup.raha@rhbgroup.com		+65 6232 3896
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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