“Despite clocking declines since March 2019, it registered the smallest contraction over the last nine months, suggesting that a bottoming may be taking place,” says Gan.
SINGAPORE (Dec 18): Singapore’s non-oil domestic exports (NODX) contracted 5.9% year-on-year contraction in November – marking the ninth consecutive month of decline. But analysts are quick to highlight that it is not all doom and gloom for the city state’s economy.
UOB Group analyst Barnabas Gan notes in a Tuesday report that this was the smallest decline in nine months, and had outperformed the market consensus of an expected 6.4% decline.
