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Non-oil domestic exports may stabilise in 2024

In 2023, NODX contracted 13%.

Base effect and external factors such as the potential chip rebound, looser finance conditions, and the World Trade Organisation’s (WTO) global trade outlook may stabilise non-oil domestic exports (NODX) in 2024, SGX said.

“Singapore's recent export performance has not been as strong as seen in Taiwan, and South Korea over the final two months of 2023, but there are clear signs of stabilisation following the sharp declines that spanned 4Q22 through to 3Q23,” SGX commented.

In 2023, NODX contracted 13%.

SGX underscored that the outlooks for the most traded stocks of the iEdge SG Advanced Manufacturing Index are also heavily influenced by external economic conditions.
 
“Given the current balance of headwinds over tailwinds for these stocks, it is of no surprise that majority of the 20 most traded stocks of the iEdge SG Advanced Manufacturing Index are presently trading below their Refinitiv consensus estimates,” SGX said.

SGX, however, said the uneven economic growth across the key segments of manufacturing and trade has “provided opportunities for varied risk and return across the wide field of stocks with international revenue and manufacturing-relevant operations.”
 

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