September NODX Slips Back Into Decline

Economic Research	18 October 2016
Singapore
Economic Highlights
September NODX Slips Back Into Decline Singapore’s non-oil domestic exports (NODX) fell 4.8% y-o-y in September, after coming in flat the month before. The decline was driven by corrections in both electronic and non-electronic NODX. The sluggish NODX will likely drag Singapore’s economic growth. We maintain our projections for GDP to grow 1.2% in 2017 and 1.4% this year. By destination, shipments to seven of the top ten export markets contracted in September, with Malaysia, Indonesia and the US suffering the sharpest declines. Exports to Hong Kong, the EU and South Korea, however, rose, providing some mitigation. We forecast for NODX to weaken in 2H and decline 4.8% for 2016 (-0.2% in 2015), weighed by slowing global growth. Further out, we expect NODX to improve slightly to -4.2% in 2017. Economist:  Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 17 October  2016: MAS Holds Out On Easing Despite Sharp Downturn In 3Q GDP 04 October  2016: August M3 Picks Up But Loan Growth Continues To Deteriorate 27 September  2016: August IPI Inched Higher From Low 2015 Base 26 September  2016: Smaller Fall In August CPI As Road Tax Rebate Expires 19 September  2016: Not A Clean Bill Of Health 01 September  2016: Singapore’s Business Loans Extend Decline In July