Macroeconomic Forecast Singapore

Singapore's non-oil domestic exports (NODX) grew 7.8% year-on-year (y-o-y) in May, compared with a 2.0% y-o-y decline in April. The faster-than-expected rise was driven by non-electronics goods exports, which grew 23.0% y-o-y in May. In contrast, electronics exports fell by 15.2% y-o-y during the same month, following an 11.0% y-o-y drop in April. The decrease in electronic exports is partly attributed to the disruption in supply chain caused by the massive earthquake in Japan. Going forward, we expect Singapore's NODX growth to moderate from Q111's strong 12.3% y-o-y in the coming quarters due to regional tightening measures and a China-led slowdown.

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