Singapore: Non-oil domestic exports (NODX) rebound in August
Non-oil domestic exports (NODX) soared 11.4% annually in August (July: +7.0% year-on-year). August’s rise was led by increasing NODX to the EU, Indonesia and the U.S.; on the other hand, NODX to China, Hong Kong and Taiwan fell.
In seasonally-adjusted month-on-month terms, NODX exports declined 3.9% in August, contrasting July’s 1.4% increase.
Commenting on the release, Alvin Liew, senior economist at UOB, stated:
“Singapore’s robust NODX performance to date in 2022 remains in line with the regional economies’ continued recovery. We are still cautiously positive on the outlook for some segments of manufacturing (and by that extension, their exports) but, we are also cognizant of a potentially much slower electronics performance.”