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NODX fell in November but EU Free Trade Agreement could be a game-changer
Singapore and EU to sign five-year trade pact.
Singapore government data revealed that non-oil domestic exports (NODX) for November fell by -2.5% y/y (consensus: 1.7% y/y) on weak global demand for its electronics.
Despite the outturn, BBVA notes a major development that could shake up the sector next year: Singapore and the European Union completed talks on a new free-trade pact that is expected to be signed in the spring of 2013.
Under the agreement, Singapore will eliminate tariffs on European-made goods as well as eliminate technical barriers to trade in sectors including electronics, while the EU will eliminate tariffs on all imports from Singapore over five years.
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