NODX records worse contraction in almost a decade

This is the eighth straight month of contraction.

Singapore’s non-oil domestic exports (NODX) deteriorated deeper in May, marking the eighth straight month of reduction, according to a report by UOB.

NODX dropped 14.7% year-on-year in May from a 9.8% contraction in April. This is the sharpest decline since March 2012, when NODX fell by 14.7%.

The nominal value of NODX moderated to S$14.3b, from S$15.4b in April. This is attributed to a plunge in non-electronics value, from S$12.4b in April to S$11.3b in May. This is due to pharmaceutical export value falling to just S$1.3b, from S$3.2b in the previous month.

Electronic exports, meanwhile, rose to just above S$3b in May.

In a seasonally adjusted sequential basis, NODX crashed 14.6% in May compared to April, overturning the 2.7% gain in April and the 18.4% jump in March.