A big miss for Singapore exports in March 2024
-8.4% m/m
-20.7% y/y
SGD update, it has been hit by the strength of the US dollar, as well as many other currencies:
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Singapore’s Non-Oil Domestic Exports (NODX) measures the value of goods exported from Singapore, excluding petroleum and petroleum products.
- an important indicator of Singapore’s foreign trade performance, particularly for the manufacturing and exporting sectors
- covers a wide range of products including electronics, chemicals, pharmaceuticals, machinery, precision engineering products, etc.
- NODX growth indicates increased exports, which can boost economic activity and contribute to GDP growth
- a decline in NODX suggests a slowdown in export demand and could signal a slowdown in economic conditions
- Factors influencing NODX include global economic conditions, changes in international demand for Singapore products, fluctuations in exchange rates, changes in global supply chains and changes in government policies related to trade.
Singapore relies heavily on international trade. It is a small open economy where exports play an important role in economic growth and employment.
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