Singapore Trade Balance September 2022

Singapore

Singapore: Non-oil domestic exports (NODX) increase at a softer rate in September

October 20, 2022

Non-oil domestic exports (NODX) rose 3.1% on an annual basis in September, on the heels of August’s 11.4% jump. In seasonally-adjusted month-on-month terms, NODX exports declined 4.0% in September, compared to August’s 3.9% decrease.

Commenting on the release, Alvin Liew, senior economist at UOB, stated:

“Notwithstanding the impressive robust NODX performance to date, the cracks in the export outlook is getting more visible. The worsening electronics performance, and increasingly weaker demand from North Asian economies, especially China, are clearly weighing negatively on NODX momentum and manufacturing demand.”

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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