Singapore Trade Balance May 2022


Singapore: Non-oil domestic exports (NODX) expand at faster pace in May

June 17, 2022

Non-oil domestic exports (NODX) rose 12.4% in annual terms in May, following April’s 6.4% upturn. Rising NODX to Indonesia, Malaysia and Taiwan were mainly behind the increase. In seasonally-adjusted month-on-month terms, NODX exports rose 3.2% in May, contrasting April’s 3.3% decrease.

Commenting on the release, Nicholas Mapa, senior economist at ING, stated:

“The stronger-than-expected gain for NODX will be supportive for a decent 2Q GDP report. Accelerating inflation will likely sap some momentum from retail sales but at least for now, both exports and industrial production have held up pretty well. […] In the near term, NODX will likely continue to expand, but slowing global trade trends will likely begin to manifest in future NODX releases. “

FocusEconomics Consensus Forecast panelists project exports to total USD 540.0 billion in 2022 and rise to USD 568.0 billion in 2023.


Sample Report

Looking for forecasts related to Trade Balance in Singapore? Download a sample report now.


Singapore Economic News

More news

Search form