Singapore: NODX moderated the decline in February – UOB – by pabspiovano Singapore TradeBalance Banks
Senior Economist at UOB Group Alvin Liew reviews the latest performance of the non-oil domestic exports in Singapore.“Singapore’s non-oil domestic exports continued to fall, albeit less sharply by -15.6% y/y in Feb , the fifth straight month of contraction after 22 months of unabated expansion. On a seasonally adjusted sequential basis, NODX fell sharply by -8.0% m/m in Feb , the deepest m/m fall since Sep 2020 . The nominal value of NODX fell further to S$13.
“Jan exports to major destinations continued to reflect the weak global demand backdrop, but there were some positive developments as 1) there were three markets reporting positive y/y outcomes in Feb versus two in Jan, 2) NODX to US returning to growth, at 8.7% and 3) while demand weakness persisted in China the magnitude of decline is much more moderate at -11.3% y/y , and similar moderation in demand weakness was seen in most of ASEAN .
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