Chart of the Day: This graph shows just how badly Singapore NODX kicked off 2014

Tech DX dropped a whopping 17%.

According to CIMB, NODX dipped 3.3% yoy in Jan 2014 (vs. our +0.2% forecast and consensus -1.2%), a reversal from the 6.0% growth in Dec 2013.

The drag came from the 17% decline in tech DX that offset the 3.5% increase in non-tech DX.

Here's more from CIMB:

We maintain our 2014 NODX forecast of 3-5% (-6.0% in 2013), based on the assumption that the bulk of the recovery will come in 2H14 with an improvement in global growth and an undemanding base.

The shorter working month could be blamed for the weak NODX in Jan as the Lunar New Year festivities started at the end of the month. Although China’s exports surprised on the upside (+10.6% yoy), Taiwan and South Korea turned in relatively weak export performances in Jan.

Both Taiwanese (-5.3% yoy) and South Korean exports (-0.2%) dipped in Jan, after five consecutive months of annual growth.

Singapore’s tech DX (28.4% of NODX) declined by 17.0% yoy (the worst in 11 consecutive months) to S$3.88bn, the lowest level since Feb 2013 (Lunar New Year month). All key tech components, except integrated circuit (IC) parts, fell in Jan.

Given the better-than-expected tech PMI reading last month, we are keeping our fingers crossed for a tech DX rebound in March after the seasonal distortion.

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