Singapore Trade Balance July 2022


Singapore: Non-oil domestic exports (NODX) growth softens in July

August 18, 2022

Non-oil domestic exports (NODX) rose 7.0% over the same month of last year in July (June: +8.5% year-on-year). July’s rise was led by increasing NODX to Malaysia, the EU and Taiwan; on the other hand, NODX to China, Japan, Hong Kong and Thailand fell.

In seasonally-adjusted month-on-month terms, NODX exports rose 1.4% in July, compared to June’s 3.2% increase.

Commenting on the short-term outlook, Alvin Liew, senior economist at UOB, stated:

“We will keep our full-year NODX growth forecast at 5% for 2022 […] The forecast takes into consideration the external risks of the downside growth concerns from North Asian economies, ongoing Russia-Ukraine conflict, tightening monetary policy stance globally, and slower global growth. We are also concerned about the durability of the rebound in European demand and the upturn in the electronics exports in July.”

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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