Find out what Singapore NODX saving grace is

This segment rebounded 2.3%.

According to CIMB, led by stronger pharmaceuticals (+2.9%) and medical apparatus (+30.0%), non-tech DX (67% of NODX) rebounded 2.3% yoy after the record 32.1% yoy plunge in February.

Here's more:

Drugs DX rebounded to S$2.25bn from an average S$1.36bn for the previous three months to account for 15.2% of total March NODX, the nation’s top export item. Despite the lift from drugs exports last month, overall non-tech DX contracted 10.1% yoy in 1Q13, the worst since 1Q09’s -21.0% yoy.

The slow grind ahead
Despite its poor opening salvo, we maintain our 2013 NODX growth of 3-5% (2012: 0.5%). We expect 1Q13 to be the trough for Singapore NODX. Advanced economies, although still mired in sub-par growth, have yet to emerge from the woods but at least are no longer in danger.

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