Singapore Non-oil Domestic Exports (NODX) April 2024: +7.6% m/m vs. +7.9% expected

Singapore’s non-oil
domestic exports (NODX)for April 2024

-9.3% y/y vs. -10% expected and -20.8% in March
+7.6% m/m vs. +7.9% expected and -8.4% in March

Notable declines in exports of non-electronic products, primarily pharmaceuticals.

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SGD update, its strengthened since the March NODX data released in the middle of last month:

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Singapore Non-oil Domestic Exports (NODX) measures the value of goods exported from Singapore excluding oil and petroleum products.

an important gauge of Singapore’s external trade performance, especially for the manufacturing and export sectors
covers a wide range of products, including electronics, chemicals, pharmaceuticals, machinery, precision engineering goods, and more
growth in NODX indicates an increase in exports, which can boost economic activity and contribute to GDP growth
a decline in NODX suggests a slowdown in export demand and may signal weaker economic conditions
factors influencing NODX include global economic conditions, changes in international demand for Singaporean goods, fluctuations in exchange rates, shifts in global supply chains, and changes in government policies related to trade

Singapore is heavily reliant reliance on international trade. It’s a small and open economy where exports play a significant role in driving economic growth and employment.

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