Singapore’s trade will only get better in the months to come, says Maybank

SINGAPORE (June 19): Maybank Kim Eng Research is forecasting Singapore’s non-oil domestic exports (NODX) to revert back to positive growth in the coming months, while also expecting the gross domestic product (GDP) recovery to continue broadening to 3% growth for 2017.

In a Monday report, analysts Chua Hak Bin and Lee Ju Ye note a strong and bullish trade picture based on May’s trade data in spite of the negative headline print for NODX, which they say is consistent with other transport metrics such as container throughput, which rose by 12.2% in May to a record high.

In particular, Chua and Lee have highlighted electronics export growth, which accelerated to 23.3% growth in May from a 4.8% increase in April this year, as a more reliable gauge of global demand.

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