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Economic Research
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18
April 2017
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Singapore
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Economic Update
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Singapore’s
non-oil domestic exports (NODX) expanded 16.5% YoY in March, slowing from a
21.1% spike in the month before. The moderation in growth was driven by
softer semiconductor shipments and a gradually waning low base effect.
Going
forward, we project for NODX growth to taper off in 2H17 after a strong
growth in 1H17. We raise our projection for NODX to expand 3.9% in 2017 from
2% previously and compared to the 3.2% drop last year. This is underpinned by:
i. Growing semiconductor demand –
supported by the cyclical smartphone super-cycle, as well as accelerating
adoption in the automotive and Internet of Things (IoT) sectors;
ii. Stronger economic growth in the
US, which should benefit the overall global economy;
iii. Improving commodity prices, which
would support ASEAN economic growth.
Economist: Ng Kee Chou | +603 92802179
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Tuesday, April 18, 2017
More Modest Growth Expected Ahead As NODX Eases
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