Singapore’s non-oil domestic exports (NODX)
+14.7% m/m in November 2024
- expected +8.0%, prior -7.5%
+3.4% y/y
- expected -1.7%, prior -4.7%
Recent Performance:
- September 2024: NODX increased by 2.7% year-on-year, supported by growth in both electronic and non-electronic products. This was a slowdown from the 10.7% rise in August and below the anticipated 9.3% increase. On a month-on-month seasonally adjusted basis, exports rose by 1.1%, recovering from a 4.7% decline in August.
- October 2024: NODX declined by 7.4% month-on-month, marking the steepest drop in seven months, following a revised 0.6% decrease in September
Economists have maintained Singapore’s GDP growth forecast at 2.4% for 2024, with NODX projected to increase by 4.0%. A recovery in electronics demand and economic growth in key trading partners, including China, the U.S., the EU, and ASEAN-5, alongside an expected uplift in global trade volumes, provide some optimism.
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Singapore’s Non-Oil Domestic Exports (NODX) are a key indicator of the country’s export performance, excluding oil-related products. NODX encompasses both electronic and non-electronic goods and reflects the health of Singapore’s manufacturing and trade sectors.