The nominal value of NODX moderated for the second consecutive month and to just $14.3 billion in May, down from $15.4 billion in April.
Economists have downgraded their non-oil domestic exports (NODX) forecasts after Singapore’s May NODX plunged with a contraction of 14.7% y-o-y, significantly worse than Bloomberg’s median estimate of a 7.9% contraction.
On a seasonally adjusted sequential basis, NODX tumbled by 14.6% m-o-m in May, following two preceding months of gains — NODX improved by 18.4% m-o-m in March and by 2.7% m-o-m in April.
