Singapore key exports to extend slump on broad-based weakness, slow China reopening: economists

THE weakness in Singapore’s non-oil domestic exports (NODX) is expected to persist as external demand conditions remain lacklustre, weighing on both electronic and non-electronic exports, economists said on Wednesday (May 17) after the release of April’s trade prints. Many noted that NODX to China in particular has continued to underperform.

In April, NODX fell 9.8 per cent year on year (yoy), shrinking for the seventh straight month and deepening from March’s 8.3 per cent contraction. The month’s fall was marginally larger than private-sector economists’ median forecast of a 9.7 per cent drop in a Bloomberg poll. Both electronics and non-electronics continued to decline.

On a seasonally adjusted monthly basis, NODX edged up 2.7 per cent last month, extending March’s 18.4 per cent growth. Sequentially, both electronic and non-electronic shipments expanded.