Singapore NODX disappoints again with 3.3% slide

Singapore

THERE were clearly still no sign that Singapore's exports have turned the corner as its key non-oil domestic shipments in November slipped 3.3 per cent year on year.

According to private-sector economists, non-oil domestic exports (NODX) were supposed to have risen 1.5 per cent after a 0.5 per cent slip - now revised to flat growth - in October. Things have worsened instead.

NODX fell in four of the past seven months - and many economists don't see a rebound ahead.

"The structural element of this ongoing trade recession will persist even if the cyclical factors of the trade recession fade," said ANZ Bank's Ng Weiwen and Glenn Maguire in a brief report, suggesting that there are deeper changes affecting Singapore's exports which will…