This is as demand conditions ahead are “likely dampened by ongoing global monetary policy tightening,” says OCBC Bank’s chief economist and head of treasury research & strategy, Selena Ling.
Analysts from OCBC, RHB Group Research, UOB and Maybank Securities remain concerned on the outlook of Singapore’s non-oil domestic exports (NODX) even as August’s NODX expanded by 11.4%, surpassing Bloomberg’s forecast of an 8.4% growth y-o-y.
The growth during the month was thanks to the growth in non-electronics, which expanded by 16.9%. Electronics, on the other hand, fell by 4.5% y-o-y due to its high base in 2021.
