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Singapore's NODX expands by 18.4% in Dec; economists say momentum could slow down going forward

Amala Balakrishner
Amala Balakrishner1/17/2022 3:37 PM GMT+08  • 3 min read
Singapore's NODX expands by 18.4% in Dec; economists say momentum could slow down going forward
UOB economist Barnabas Gan observes that Singapore’s export and manufacturing sectors remained largely buoyant in 2021
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Singapore’s non-oil domestic exports (NODX) continued its growth trend for the thirteenth consecutive month in December, thanks to broad-based growth across the segments.

Official figures released by trade agency Enterprise Singapore (ESG) on Jan 17 indicated an 18.4% y-o-y expansion in NODX for the last month of 2021. This is a slight easing from the 24.2% y-o-y growth rate seen in the month before.

Even so, December’s showing is stronger than the 12.9% growth rate penciled by private-sector economists in a Bloomberg poll.

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