CGS International (CGSI) economists Nazmi Idrus and Song Seng Wun have maintained their NODX forecast for 2024 at 3.4% y-o-y as they expect the pharmaceutical sector to remain a drag on the overall performance of Singapore’s NODX.
Analysts are mostly keeping their non-oil domestic exports (NODX) estimates for 2024 after Enterprise Singapore released May’s figures on June 18.
During the month, Singapore’s NODX dipped by 0.1%, marking the mildest decline in 20 months. Electronics NODX also posted the first double-digit growth in 22 months with its 21.9% y-o-y expansion.
