Singapore: Non-oil domestic exports slide in December
Non-oil domestic exports (NODX) plummeted 20.6% year-on-year in December, on the heels of Novembers 14.7% fall and marking the third consecutive monthly contraction. Both electronics and non-electronics exports fell, with demand from China, Indonesia and Hong Kong particularly weak. Decembers figure marked the worst contraction since February 2013.
In seasonally-adjusted month-on-month terms, NODX exports fell 3.3% in December, following Novembers 9.2% decrease.
On the outlook, United Overseas Banks Alvin Liew said:
“The cracks in the export outlook became more visible now with the consecutive and deeper y/y contractions. We are likely to see a few more months of y/y declines in NODX for 1H 2023 before factoring an improvement in the second half of the year.”