The decline was attributed to the high base seen the year before. During the month, NODX for electronics and non-electronics decreased.
Singapore’s non-oil domestic exports (NODX) fell by 5.6% y-o-y in October, coming in below Bloomberg's median estimate of -1.7% y-o-y. The month's decline breaks a 22-month streak that began in November 2020, although this was partly attributed to the high base seen a year ago, says Selena Ling, chief economist and head of treasury research & strategy at OCBC Bank.
October's drop is also the weakest NODX performance since November 2019 at -5.9% y-o-y, Ling notes.
