Singapore Non-oil Domestic Exports (NODX) July 2024: +12.2% m/m vs. +2.2% expected

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

+12.2% m/m

• vs. +2.2% expected and -0.4% in June

+15.7% y/y

• expected +1.2%, prior -8.7%

Electronics and non-electronics
exports growing. Non-oil exports to the United States +28.9% y/y

• to China
  +21.1% y/y
• to the European
  Union, Japan, Hong Kong and South Korea fell

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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.

This article was written by Eamonn Sheridan at www.forexlive.com.