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Singapore Trade May 2023

Singapore: Non-oil domestic exports contract at a sharper rate in May

Non-oil domestic exports (NODX) dived 14.7% in annual terms in May (April: -9.8% year-on-year), a steeper contraction than markets expected. Both electronics and non-electronics exports declined. Shipments to the EU and most key Asian markets fell, though exports to the U.S. and mainland China rose.

In seasonally-adjusted month-on-month terms, NODX exports fell 14.6% in May, compared to April’s 2.6% increase.

On the outlook, United Overseas Bank’s Alvin Liew said:

“The export outlook remains dire and we expect more pronounced y/y NODX contractions for a few more months before improving in the later part of 2H 2023. We now expect NODX to contract by 10% in 2023 (from previous forecast of -5.5%), at the lower end of the government’s NODX forecast range of ‘-10.0% to -8.0%’.”

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