Chart of the Day: Here's how deep Singapore's NODX plunged in March

Electronics NODX dropped 16.1%.

According to CIMB, NODX fell 6.6% yoy in Mar (+8.9% yoy in Feb, -3.3% in Jan), worse than their forecast (-4.9%) and market estimate (+0.5%).

On a seasonally-adjusted mom basis, NODX declined 8.9% (+7.0% in Feb, -5.1% in Jan).

Here's more from CIMB:

Electronics NODX declined 16.1% yoy (-3.7% in Feb), led by integrated circuits (-18.9%), disk drives (-24.1%) and parts of PCs (-38.6%).

Non-electronics NODX fell 2.4% yoy (+15.0% in Feb), due to lower exports of pharmaceuticals (-44.6%), aromatic chemicals (-43.9%) and specialised machinery (-11.3%).

NODX to all the top 10 markets, except China and Malaysia, contracted in Mar. The top three countries that weighed on exports were the EU, down 27.8% (+3.4% in Feb), Hong Kong, down 26.0% (-9.1% in Feb) and South Korea, down 30.9% (-26.0% in Feb).

1Q14’s slow growth of 0.1% qoq SAAR (+6.1% in 4Q13) was partly due to weather distortions in the US and seasonal effects in Asia. We expect yoy growth to gather pace in the coming months, partly fuelled by an undemanding base.

Singapore’s economy should be supported by improving external sectors amid the current upcycle in global trade. The benefits should also spill over to some domestic-related sectors.

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