Chart of the Day: Singapore’s NODX print could finally see brighter days in 2015

Recent trends are pointing upwards.

A jump in the volatile pharmaceuticals segment pushed January’s non-oil domestic exports (NODX) up by 4.3% YoY.

According to HSBC, electronics NODX also increased 5.0% y-o-y, registering the second consecutive month of y-o-y expansion.

This followed 28 consecutive months of contraction, and implies that the high base effect may have finally worn off.

HSBC adds that this should help support NODX in 2015, seeing that electronics accounts for 29% of the total.

However, analysts expect underlying momentum to remain modest, especially given the challenges facing certain components of the electronics industry. Moreover, January's print may be affected by base effects related to the Chinese New Year holiday.

The good news is that electronics NODX has apparently bottomed out, registering the second consecutive y-o-y expansion according to today's January trade data. Accordingly, we should see some better sentiment and production among electronics producers. However, given some of the structural concerns we have with certain components of electronics, momentum will be measured.

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