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Singapore Trade Balance July 2022

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

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.”

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