Singapore Non-oil Domestic Exports (NODX) June 2024: -0.4% m/m vs. +4.1% expected

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Singapore Non-oil Domestic Exports (NODX) June 2024: -0.4% m/m vs. +4.1% expected

Singapore Non-oil Domestic Exports (NODX)

-0.4% m/m

• expected +4.1% m/m, prior -0.1%
  

-8.7% y/y

• expected -1.2% y/y, prior -0.1%

Bad misses for this data.

• weakness in non-electronic products, fell 8.7% y/y

More info via Reuters:

• Maybank economict Chua Hak Bin said Singapore's port
  congestion and the logjam from the Red Sea crisis may be
  dampening the export recovery since manufacturing and
  electronics sentiment suggest demand remains healthy.
      "The disruption may persist for a few months, but may imply
  some pent-up demand and catching up in export volumes by
  late third quarter," Chua said.
  

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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.

Source: Singapore Non-oil Domestic Exports (NODX) June 2024: -0.4% m/m vs. +4.1% expected

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