This came in below the Bloomberg consensus forecast of a 16.0% contraction, with electronics and non-electronics exports both underperforming. On a seasonally adjusted m-o-m basis, NODX fell by 3.3% from November 2022, coming in again below the Bloomberg consensus forecast of 0.2% growth.
Analysts are expecting to see a slowdown in Singapore’s non-oil domestic exports (NODX) for the first half of the year after December 2022’s NODX slumped for a fifth straight month.
On Jan 17, Enterprise Singapore (EnterpriseSG) released Singapore’s NODX performance for the month of December last year, which saw a y-o-y decrease of 20.6% — its highest decline since February 2013.
