Singapore: Non-oil domestic exports (NODX) growth softens in June
Non-oil domestic exports (NODX) rose 9.0% over the same month last year in June (May: +12.0% year-on-year). The trend remained unchanged, with the 12-month trailing merchandise trade balance recording a USD 0.0 billion in June, compared to the USD 0.0 billion in May. In seasonally-adjusted month-on-month terms, NODX exports rose 3.7% in June, compared to May’s 2.8% increase.
Commenting on the release, Alvin Liew, senior economist at UOB, stated:
“While the ongoing Russia-Ukraine conflict, elevated commodities prices, tightening monetary policy stance globally and concerns over a potential US recession are likely to weigh on economic activities ahead, Singapore’s robust NODX performance so far in 1H 2022 is likely to carry over into the second half of the year as regional economies recover and with China having emerged from its COVID-19 lockdowns. We also noted the risks of 1) easing electronics NODX momentum (as other segments of electronics increasingly outweigh the positive contribution of ICs) and 2) the troublingly weak European demand and renewed downside growth concerns in China. “