Don’t be overjoyed by the record-breaking NODX surge, analysts warn

Full-year NODX is likely to contract.

It’s tempting to be excited over the record-breaking double-digit growth in Singapore’s March exports. After all, the 18.5% year-on-year export growth in March signifies the fastest pace of expansion in three years, apparently trumping naysayers about the country’s growth prospects.

However, analysts warn that the a month of strong NODX does not signify spring for local exports.

“We still maintain our 2015 NODX forecast of a 1% contraction, as we continue to see a slowdown in PC-related electronics exports as well as the trend where manufacturers shift focus to the export of services rather than merchandise. We also expect the exports of petrochemicals to come under pressure as the current oil price weakness persists at least in 1H 2015,” stated UOB’s Francis Tan.

OCBC’s Selena Ling added that the figure might reflect some payback for the Chinese New Year weakness in February and may not be sustained at such a strong clip for the following months.

“While one month of strong NODX does not signify spring, nevertheless the Singapore economy should be able to achieve the moderate 2-4% growth forecast for 2015. [March NODX] boosted the March trade surplus to $8.64b, the highest since at least 1965 and surpassing the Jan level of $8.5b,” she noted.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia