China slowdown raises Singapore trade risks; export outlook muted but still positive

SINGAPORE'S non-oil domestic exports (NODX) were up in September for the 10th month - buoyed by both electronics shipments and non-electronics such as petrochemicals, specialised machinery and pharmaceuticals, data from Enterprise Singapore (ESG) showed on Monday (Oct 18).

The export sector now faces more muted expansion in coming quarters - yet watchers are still positive on regional trade, especially as the global semiconductor industry stays robust, and more Asean economies reopen after battling Covid-19 outbreaks.

"Singapore's key export destinations in Asia broadly saw higher year-on-year shipments in value terms despite the Covid-19 risks in the region," UOB economist Barnabas Gan wrote in a report. "This suggests that Asia's path towards an endemic Covid-19 environment is gaining traction, amidst the region's economic recovery."