Singapore Trade Balance May 2022

Singapore

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.


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