In October 2022, analysts already indicated that they expect to see a slowdown in Singapore’s NODX for the rest of the year after NODX growth in September 2022 fell below expectations.
Singapore’s non-oil domestic exports (NODX) fell by 20.6% y-o-y in December 2022 as both electronics and non-electronics declined on a y-o-y basis.
According to Enterprise Singapore, the decline in NODX was also attributable to the high base seen in the same period the year before.
