Non-oil domestic exports likely to gain short-term boost from US tariff risks

In October, NODX fell by 4.6% YoY.

Singapore's non-oil re-exports (NORX) and domestic exports (NODX) could see a short-term boost as exporters advance shipments to the US to mitigate risks from Trump's proposed import tariffs, according to an expert.

Despite this expected boost, UOB still downgraded its NODX growth forecast to 0.5% from 3.0%, citing the weaker-than-expected performance in October.

NODX fell by 4.6% YoY in October. Year-to-date, it has fallen by 0.9% YoY.

The Singapore NODX to the US, however, rose by 2.2% YoY in October.
UOB attributed the improvement to the Federal Reserve and European Central Bank's policy rate reductions, which are expected to drive investment and consumption activity.

In addition to October's weak results, UOB observed that the electronics cycles in South Korea and Taiwan likely peaked in Q3 and are now entering a downtrend.

“[This] may indicate that Singapore's electronics NODX growth could begin a similar decline in the coming months," UOB said.

Electronics NODX growth slowed to 10.1% in October, from 10.3% in September.

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