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SG likely to see ‘worst export performance’ since 2019 

Experts expect full-year NODX to drop by 4% to 7% in 2023.

Following the decline in non-oil domestic exports (NODX) in February, experts now predict that 2023 will record its worst export performance since 2019 when there was a chip downturn.

In 2019, Singapore’s NODX plunged 9.2%. In 2023, Maybank analysts Chua Hak Bin and Lee Ju Ye expect the NODX to drop 4% to 7%.

Chua and Lee took into account the weaker performance and rising uncertainties to the global outlook in the wake of the bank turmoil in the US and Europe in their forecast.

Chua said Enterprise Singapore will also likely downgrade its NODX forecast in their review in May, following the February figures.

Meanwhile, Lee said demand for electronics will likely remain weak amidst the global growth downturn.

“Exports of chip powerhouses such as South Korea (-12%) and Taiwan (-18.9%) are underperforming in 2M23, compared to Indonesia (+10.3%), which mainly exports commodities such as coal, palm oil, and iron & steel to China,” Lee added.

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