Weak demand from major export destinations hits NODX momentum: UOB

Non-oil domestic exports (NODX) declined 25% in January 2023.

Global demand will continue to hit export momentum in Singapore due to “more aggressive monetary policy tightening and worries about economic slowdown in the developed markets,” analyst, UOB, said.

Last month, NODX was down 25% compared to 20.6% in December.

“It should also be noted that high base effects will continue to work against the NODX going into early 2023, as seen in Jan NODX,” it said.

More major export destinations are showing weaker demand such as the US, China, and the ASEAN region.

UOB said cracks in the export projections are visible as they see persistent contractions. There will likely be more contractions in the first half of 2023.

It projects a full year NODX to shrink by 5.5% this year.

Follow the link for more news on

UOB

non-oil domestic exports (NODX)

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia