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Economic Research
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21
April 2017
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Singapore
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Economic Update
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Singapore’s NODX grew 15.2% YoY in
1Q17, thanks to steep gains in semiconductor shipments and exports of electrical
machinery & equipment, chemicals and mineral oils & products, in
particular to China. Going forward, we expect NODX to slow in 2H17, after a
projected strong gain in 1H17. We expect NODX to expand 3.9% in 2017,
compared to a 3.2% drop last year, underpinned by:
1. Growing semiconductor demand,
supported by the cyclical smartphone super-cycle, as well as accelerating
adoption in the automotive and IoT sectors;
2. Stronger economic growth in the US
and other developed countries, which tend to drive Singapore’s capital goods
exports;
3. Improving commodity prices, which
would support ASEAN and other emerging markets’ economic growth.
Economist: Ng Kee Chou | +603 92802179
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Friday, April 21, 2017
Singapore’s NODX grew 15.2% YoY in 1Q17, thanks to steep gains in semiconductor shipments and exports of electrical machinery & equipment, chemicals and mineral oils & products, in
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