Singapore: Non-oil domestic exports drop in March
Non-oil domestic exports (NODX) decreased 8.3% year on year in March, following February’s 15.8% dive. The decline was driven by lower exports to China, Taiwan and Malaysia. That said, exports to the U.S. and South Korea increased. In seasonally adjusted month-on-month terms, NODX exports increased 18.4% in March, compared to February’s 8.2% decrease.
Exports are likely to gain support as China’s economy continues to accelerate. That said, slower global growth, a maturing semiconductor cycle and a stronger base effect will likely continue to cap growth of NODX in the next several months, which bodes poorly for the Q2 GDP outturn.