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.

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