“This assumes that December NODX will recover further to 5.9% y-o-y,” Ling writes.
Singapore’s non-oil domestic exports (NODX) for 2023 is on track to see its worst annual performance since 2001, says Selena Ling, chief economist and head of global markets research and strategy at Oversea-Chinese Banking Corporation (OCBC).
Though the republic’s NODX expanded by 1.0% y-o-y in November after 13 months of contractions, Ling expects its annual NODX to come in at -12.5%, at the lower end of Enterprise Singapore’s range of -12.5% to -12.0%.
