4 things that will boost Singapore NODX this year

Exports are expected to expand 2%.

After growing slightly in January with an 8.6% expansion, Singapore is on its way of reversing its 3.2% NODX drop last year.

According to RHB, NODX is expected to expand 2% this year, underpinned by four things. The brokerage firm said exports will be driven by the simultaneous fiscal stimulus from the developed nations, the consolidating US economic recovery, the stabilising growth in China, and the improving commodity prices – this ought to aid in the economic recoveries of the regional trading peers.

To recall, electronic NODX grew 6.1% in January, picking up from its 5.7% jump in the month before. Shipments of semiconductors remained robust at +31.6% YoY, up from 29.9% in the month before.

"Things were further improved as exports of PC parts rose 11% YoY, ie more than double the pace of increase in Dec 2016. However, shipments of PCs, diodes & transistors and telecom equipment worsened. This has capped some of the upside," RHB said.

Meanwhile, non-electronic NODX slowed to 9.9% YoY in January from a 10.7% jump in the month before. Shipments of pharmaceuticals slumped 12.6% YoY during the month under review after rising 7.3% in Dec 2016.

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