, Singapore
Image by Engin Akyurt from Pixabay

Trouble ahead: Expert predicts lower NODX contraction in 2023

In August, NODX fell by 20.1% YoY.

With Singapore’s non-oil domestic exports predicted to see more year-on-year contraction in the months ahead, UOB has lowered its full-year forecast to -15%.

Previously, UOB predicted a contraction of 10%.

UOB’s latest prediction is “well exceeding the lower end of the government’s revised NODX forecast range of -10.0% to -9.0%.”

“Unless there is a sharp trade recovery in late 2023, the current NODX contraction trajectory will easily tip the full year 2023 decline well beyond the official -10% threshold.” Alvin Liew, UOB senior economist, said.

The revision of UOB’s forecast came after the August NODX. In August, NODX fell by 20.1% YoY.

“Our earlier guarded enthusiasm due to the surprise back-to-back rebound in semiconductors output in June and July is now curbed by the latest August trade report which still reflects the persistent downturn in NODX, and together with the broad-based weakness in both electronics and non-electronics performance, continued to weigh negatively on manufacturing, demand for Singapore,” Liew said.

“The resumption of NODX decline to the US and the continued weakness of NODX numbers to EU 27 and major North Asian export destinations, especially China, weighs negatively on the trade outlook and we therefore maintain our call to expect sustained weakness in global demand amidst an ongoing electronics downcycle,” Liew added.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!