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Chart of the Day: Check out the downtrend in Singapore NODX
It dipped to around 5% in Q3.
The country's overall non-oil domestic exports have historically had a high correlation to economic growth. This is despite quarterly volatility of its pharmaceutical sector output, according to Maybank KimEng.
"At this juncture, the outlook for NODX is to a large degree
dependent on how new US trade policy will affect trade flows for Asia's exports engine – and while a rise in intra-regional trade could alleviate the effects of more protectionist US trade policy, we gauge the near term risk could be on the downside as this is unlikely to happen overnight," Maybank said.
In 3Q16, NODX growth treaded below 0 to 5%.
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