Stocktalk(6.16): Singapore's NODX shrinks by 14.7% in May, worst than expected
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Singapore's non-oil domestic exports (NODX) fell 14.7% in May, a steeper decline than April's contraction of 9.8%, marking the eighth consecutive month of shrinking key exports. Both electronic and non-electronic shipments continued to decline year-on-year, highlighting Singapore's deepening economic slump.
Key exports fell to S$13.8bn in May, down from S$16.1bn in April and S$17.1bn YoY. Electronics exports lost 27.2%, led by ICs (-39.2%), disk media products (-41.6%), and parts of ICs (-48.7%). Non-electronics shipments lost 10.7%, with specialized machinery (-23.4%), petrochemicals (-22.8%), and pharmaceuticals (-14%). Shipments to all other top markets also posted declines, except for NODX to China and the US.
The latest NODX print comes after Singapore's manufacturing purchasing managers' index remained in contractionary territory in May for the third straight month. As a result, private-sector economists have downgraded their full-year growth forecast for the country.
Can Singapore's export-dependent economy recover from the deepening slump in NODX, or is it facing a prolonged downturn?
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Moogoorooloo : High SGD is hurting exports.
ZnWC : The short answer is yes. Singapore will be able to recover from the slump in NODX.
1. The slump is may be a global issue - lower demand due to Fed rate hike. FTA and global economic agreement like CSTPP and BRICS can promote trades and lower cost.
2. Singapore economic initiative Digitalisation can also increase productivity and increase revenue among industry.
3. Singapore's political stability and healthy financial hub are strength to attract new investment.
For Singapore to avoid a recession, there's a need to explore new business opportunities and strengthen existing economic partnership. We also have to upgrade and re-train our workforce to face the new and existing challenges.
aMaT_tHe_TrAdEr : Germany Recession... Europe soon.
New Zealand just announced a recession.
What make you think Spore will be spared.
mr_cashcow : slow growth better than no growth