Latest NODX dip suggests external headwinds still threaten Singapore economy

May sour the country's recovery outlook.

Singapore’s non-oil domestic exports (NODX) disappointed for a second straight month, noted BBVA, declining by -8.8% y/y in June from -4.6% the previous month, partly due to a high base effect.

Electronic products exports also remained weak (-12.4% y/y), while non-electronic products exports softened in June as well (-7.1% y/y).

For BBVA, the export growth slowdown seen in most of Singapore’s major export markets, including DMs (EU, US and Japan) and ASEAN countries, suggest that external headwinds continue to threaten the country’s fragile recovery outlook.

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