Non-oil domestic exports (NODX)

Singapore's NODX rebounds to 2.4% growth in December after a nine-month slump

SINGAPORE (Jan 17): Singapore’s trade is looking up after non-oil domestic exports (NODX), expanded in December 2019 for the first time in nine months.

Official figures released by trade agency Enterprise Singapore on Friday pointed to a 2.4% y-o-y growth in December – reversing from the 5.9% contraction in the previous month and beating the 1% decline forecast by private-sector economists in a Bloomberg poll.

Analysts expect brighter outlook even as exports fall for ninth consecutive month in November

SINGAPORE (Dec 18): Singapore’s non-oil domestic exports (NODX) contracted 5.9% year-on-year contraction in November – marking the ninth consecutive month of decline. But analysts are quick to highlight that it is not all doom and gloom for the city state’s economy. 

UOB Group analyst Barnabas Gan notes in a Tuesday report that this was the smallest decline in nine months, and had outperformed the market consensus of an expected 6.4% decline. 


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Economists see light at the end of the tunnel as Singapore exports extend slump

SINGAPORE (Nov 19): Economists are mixed on prospects of a turnaround in Singapore’s economy, after non-oil domestic exports (NODX) slumped for the eighth consecutive month in October.

Official figures released by trade agency Enterprise Singapore on Nov 18 pointed to a 12.3% y-o-y drop in October – weaker than the 8.1% decline in the previous month and worse than consensus expectations of a 10.4% contraction.

Singapore exports retreat for eighth straight month, miss estimates with 12.3% drop in October

SINGAPORE (Nov 18): Singapore’s non-oil domestic exports (NODX) shrank 12.3% year-on-year in October on the back of declines in both electronic and non-electronic exports, according to official data released Monday by trade agency Enterprise Singapore.

The drop, which marks the eighth consecutive month of NODX decline, was sharper than the 8.1% fall in September and also worse than the Refinitiv consensus estimate of a 10.4% fall in shipments.


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NODX contracts for 7th straight month with 8.1% drop in Sept as Singapore fails to escape 'export doldrums'

SIGNAPORE (Oct 17): Singapore’s non-oil domestic exports (NODX) fell 8.1% year-on-year in September – marking the seventh consecutive month of contraction amid uncertainty surrounding the US-China trade war and slowing global growth.

For the first nine months of 2019, NODX has fallen 10.3% y-o-y lower than over the corresponding period last year.

The September decline was led by a 24.8% drop in electronic exports, which clocked 10 straight months of negative growth.

Singapore NODX forecast to fall 10% in 2019 amid heightened US-China trade tensions: RHB

SINGAPORE (Sept 19): Singapore’s non-oil domestic exports (NODX) are likely to stay weak in 2019, according to RHB Group Research.

This comes following a weaker set of August trade data that was released on Sept 17.

The brokerage says it is keeping its forecast of a 10% contraction in NODX for the year.

“The heightened US-China trade war amid upcoming new tariffs should keep exports largely in the negative throughout the year,” RHB writes in a note dated Sept 17.

Singapore Aug non-oil exports down 8.9% y-o-y

SINGAPORE (Sept 17): Singapore’s August non-oil domestic exports (NODX) decreased by 8.9% y-o-y, following the 11.4% decline in July; given both electronic and non-electronic exports declined.

This snaps a five-month-long slump of double-digit declines, according to monthly data released by Enterprise Singapore on Tuesday morning. This was also the second month in a row that the slide in shipments eased after they sank 17.4% in June, the worst drop in six years.

No need yet for economic stimulus, PM says, as Singapore looks to infrastructure for the future

SINGAPORE (Aug 19): Even as Singapore teeters on the edge of a technical recession, Prime Minister Lee Hsien Loong says there’s no need yet for immediate economic stimulus measures.

However, he adds that the government is prepared, and will “promptly respond” with appropriate interventions if the situation worsens.

Speaking at the National Day Rally 2019 on Sunday, Lee acknowledges that Singapore's economic growth has slowed significantly, but notes that retrenchment and unemployment rates in the city state remain low.

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