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Singapore Trade Balance September 2022

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

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.”

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