Singapore's non-oil domestic exports (NODX) for April 2024
- -9.3% YoY vs. -10% expected and -20.8% in March
- +7.6% m/m vs. +7.9% expected and -8.4% in March
A noticeable decline in exports of non-electronic products, primarily medicines.
SGD update, strengthened since March NODX data was released in the middle of last month:
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The Singapore Non-Oil Domestic Export Index (NODX) measures the value of goods exported from Singapore excluding oil and petroleum products.
- It is an important measure of Singapore's foreign trade performance, especially for its manufacturing and export sectors
- Covering 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 indicates slowing export demand and may indicate weaker economic conditions
- Factors affecting 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 relies heavily on international trade. It is a small and open economy where exports play an important role in driving economic growth and employment.