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Singapore Trade February 2023

Singapore: Non-oil domestic exports decrease in February

Non-oil domestic exports (NODX) fell 15.6% over the same month last year in February (January: -25.0% year-on-year). The decline was driven by lower exports to the EU, Hong Kong and Taiwan, and was broadly in line with analysts’ forecasts. In seasonally-adjusted month-on-month terms, NODX exports declined 8.0% in February, compared to January’s 0.9% increase.

Exports should improve sequentially ahead as China’s economy gains steam. That said, weaker developed-economy demand and a maturing global semiconductor cycle will tame the recovery. Together with a tough base effect, these two factors will likely cause NODX to continue declining in annual terms in the next several months. Given the importance of trade to Singapore’s economy—exports were worth around 185% of GDP in 2021—the decline in NODX so far this year bodes poorly for the Q1 GDP outturn.

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